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Tax Toolshed
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Taxes and Entities

This section highlights the importance of choosing the right business structure for agricultural operations, such as LLCs and S-corporations, which can limit personal liability. It explains federal tax filing requirements, noting that non-sole proprietorship entities must file separate tax returns, with specific rules for LLCs and S-corporations. It also touches on how farm program payment limitations might influence the decision to establish such business entities.

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