1. How many people own the farm/ranch business?
2. If the farm/ranch business is owned by two or more people who are not married - do they (do you) file a partnership tax return (Form 1065) or do you file taxes as an S-Corporation (Form 1120-S)?
3. If you file taxes as a partnership, have you created a limited liability company (LLC) or limited partnership to operate your business?
4. Are you interested in creating a separate entity for your farming/ranching/fishing operation to limit personal liability?
4.b If your business is consistently profitable and you consistently pay self -employment taxes on close to $100,000 of net farm/ranch income, have you asked a CPA to help you determine if you might benefit from filing taxes as an S-Corporation?
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