Posted 2/21/2021 07:19 (#8847961 - in reply to #8846276) Subject: RE: Land in llc. Operate as S-corp
Thanks for that info. I had forgot about paying a salary which allows u to avoid paying SS tax on the remainder. But I am going to try and manage my operator earnings through depreciation from the equipment I buy and rent paid to the land owner (myself). Paying ur self a salary involves all those state and federal payroll tax,payments which are a pain. I realize those with big incomes may need to do it. I’m just a hobby farmer.
Another avg of having land in an LLC is if you have other assets/businesses in ur personal name and you get sued they cannot attach to the Land.