This forum isn't going to be able to provide much assistance, since your question relies on numerous facts and circumstances.
As has been stated, it's not as simple as just moving data from one software program to another.
There are many issues that need to be considered:
- As has been noted, you will be required to file an additional tax return. Will this be something you can handle?
- As has been noted, an S corporation will need to pay out a reasonable salary to the shareholder(s). This is also based on facts and circumstances. Are you able to handle the payroll filing requirements?
- You will need to determine what your specific state requires for S corporations, such as, at a minimum, annual shareholder minutes for state purposes. You will need to follow-up with an attorney on this matter.
- There are certain fringe benefits that become taxable for shareholder's of an S corporation.
- To review just the tax impact, you can handle this in excel; depending on how comfortable you are with this program. Doing this will allow you to look at various "what if" scenarios.
- Honestly, your best course of action would to visit with a tax professional where you can have a one on one and address the pros and cons.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
