Paying self-employment tax on your whole farm profit? If your operation is doing well, an S-corp can shrink that tax by letting only your wages be taxed while the rest of the profit rides through free. But it only pays off past a certain income, the wage you pay yourself has to be fair, and a deduction trade-off eats into the savings. This Field Note explains how an S-corp actually cuts self-employment tax, roughly when it’s worth it, and exactly what to ask your tax preparer before you make the switch.