While S corp election may not be advantageous for all taxpayers IMHO it would warrant thorough investigation on your part. I personally feel that in the right environment it is an excellent choice - even for farmers.First of all - retain a professional who can assist you in the analysis and give you the pros and cons. This is not something that can be done in a forum such as this board since it requires a detail analysis of your individual situation.Your ability to control the dollars spent in SE tax is certainly one of the prime considerations. For those making 50-80k per year in earnings this becomes the most advantageous.S-corps also can flow farm income to the individual returns. The shareholder can use this income in the calculation of whether they qualify as a "farmer" which entitles them to filing and paying tax by March 1 of each year without estimated tax penalty.I agree with KK and Ed that the issues regarding benefits for 2% shareholders stink - but most of this lies in the health insurance area and Congress is getting more lenient in this area, and hopefully these premiums will be 100% deductible with this new tax bill.BTW - NO REAL PROPERTY IN THE CORPORATION. Own it individually or in an LLC and rent it to the corporation.As previously stated - retain a professional to assist in your decision processpete
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