As a farmer with business set up as sole propritor I keep getting nailed with a big tax bill since as a farmer I pay no quarterly est.tax. I've been told that I should incorporate as a subchapter s corp. since I pay almost twice as much self employment tax as income tax.(21,000 vs 12,000). Is this a wise thing mto do and what are some advantages. Also what happens if I do this in the last half of a year? Is it treated as two different returns?
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