Yes, you have to have a few records and an annual meeting and keep separate books with a corp. Do you have grain or livestock on the farm? Then the corp can give you--the employee- all food, shelter, utilities and home repairs as your job "makes" you live there to watch the grain/livestock. That is a HUGE benefit. Easily worth $30,000 a year--that will make a pretty good farm payment.
Some would have the business in town be an LLC owned by you personally. Assuming the farm is a large entity. I'd have it own the LLC in town, then if the farm has a bad year the LLC's profits can offset the farm's lower income for an overall reduction in taxes. That can't be done if you own the LLC personally.
All of this assumes the farm and business in town are generally profitable--deductions don't matter if you aren't making good money. I would guess the consulting and tax work on a farm corp, LLC, and personal, to run $3,000-5000 a year--once again, not a problem if the farm is large and profitable and $30,000 worth of living expenses can be written off.
Keep real estate holdings personal, and have the corp rent it from you. Much easier to sell if not corp owned, and much easier to end corp for whatever reason if RE not in it.
Have the corp have a different fiscal year than the personal--allows for year-end juggling which can also reduce taxes.
Vehicles need to be properly titled and used almost exclusively by the entity that owns them--the liability firewall has to be solid or you will lose in a lawsuit.
Employees can work for all entities, but must track their time separately and be paid from the proper account--once again, the liability firewall has to be maintained.
I guess I wouldn't know about where to own some old tractors, but I doubt they'd be a reason to do any of this.
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Today's Featured Article - Usin Your Implements: Bucket Loader - by Curtis Von Fange. Introduction: Dad was raised during the depression years of the thirties. As a kid he worked part time on a farm in Kansas doing many of the manual chores. Some of the more successful farmers of that day had a new time saving device called a tractor. It increased the farm productivity and, in general, made life easier because more work could be done with this 'mechanical beast'. My dad dreamed that some day he would have his own tractor with every implement he could get. When he rea
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