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68340 | I have done it. My corp. paid some of my wages to me in grain. It is not illegal. Our accountant in FBY was very strict in his tax ways. He approved it. You have to have it all in writing before the year is started. You need to keep the grain separate from other grain. You need to pay storage to the boss or corp. if it is stored in bins. Same with any trucking or drying expense. You must market separately in your name, not the corp. name. The only savings in S.S. tax. Federal and state taxes are the same. Easier to take enough wage to qualify for S.S., if there is any when I retire, and take the other monies out in rent. | |
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paying wages in grain
