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Greensburg, IN | I have had a C corp for many years. It is basically an operating corp which owns only machinery,vehicles and
crops and livestock we produce. We also "sold off" the house to the corp therefor gaining more tax advantages
such as appliances, repairs and furniture (not TVs or play type items) being able to depreciate or expense off these
items. Since I am an employee of the corp, I am required to live in the corp house which allows the corp to use food
purchases as a tax expense. Also I pay myself wages using the "PIK Wage" procedure therefore my wages are not
subject to social security. You must have an accountant explain the correct procedure so the IRS cant question you
about just paying yourself with an "outright writing yourself a grain check". The procedure is allowable by law but very
few people use it because of the extra paper work it takes. Again get yourself a good ag corp accountant. Just remember, you will have two tax returns and some more records to keep but I have saved alot of money over the years.
My farm ground and production buildings I own is still held by me not the corp. Best bet is to find a very experienced
ag corp accountant!!! | |
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For White Shadow---- re incorporation
