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Whiskey, Tango, Foxtrot | We incorporated when we wanted to buy some rangeland in other state, in a partnership with another person. Corp was the easiest way to make everything work correctly. We immediately saw the benefits it could have with the farm, and formed another corp for the farm. Our sales at that time would have placed us squarely in the 'hobby' category to most people. Even with a pretty small farm at that time, we still realized benefits. CPA we use handled a lot of it. Wasn't that expensive, even in California.
I don't think the tax benefits are as large as most people make it out to be, but there is some. Profit is still going to be taxed. Has made it a little easier to even things out from year to year, and allowed us to plan and prepare for growth, both on the farm and off farm investments.
Edited by Ben D, N CA 2/13/2014 00:40
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Some tax questions about a farming corporation.
