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I gather from your name you are a farmer? At your income level I would also assume that you are the owner of a fairly large farm. I would talk to my CPA about this matter. You have more options and many many more items to concider such as what type of corperation you have in place and the issues of liability, corporate tax rates, personal tax rates ect. A good CPA can help you sort through the pros and cons, and do some number crunching to show you what the effects will be on both your business and your family.

A good CPA can be your best friend in these matters.
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