You are correct, I started an S corp in 2023 for my wife and me to keep contributing to SS/MC and do not lose that money. However using the ss.gov retirement calculator we realized that is costing us almost 20,000 dollars per year in SS taxes plus other expenses not to lose 200$/ month for each of us by the time we reach 67.
I have a CPA who's taking care of the corporate taxes and payroll, however those are other expenses bringing the total to over 23K.
I could dissolve the corporation and just file married joint next year as my tax liability would be way less than what is costing now.
moving on, I would need guidance in how to apply the 126,500$ FEIE, the 29,200$ standard deduction and the 16,000$ (combined) IRA contributions for tax year 2024.
Hope this is not too confusing.
