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Switched from an LLC to an S corp last week after my CPA broke down the taxes
I figured the LLC was fine since it's just me and my truck, but my CPA showed me the self employment tax math and it was around $4,600 a year I was eating for nothing. The S corp means payroll plus a separate return, which I hated at first, but the savings paid for the extra filing in the first quarter. Anyone else here make the switch and regret the paperwork side of it?
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ryan79326d ago
My CPA ran the same numbers at me and I still didn't switch, the payroll and extra return just wasn't worth it for what I clear. A few grand in tax savings disappears fast once you're paying someone to run your own paycheck every month.
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