Business & farm

Thanks Rick.  That was my main point of interest.  

 

I understand the pros and cons of S-Corp.  I sounds like the income is classified to one entity or another and if it was earned while a sole proprietor in 2023 then it shall stay that way; that income will not be subject to payroll tax.  

 

In that case, it would make more sense for my to elect s-corp status for the calendar year of 2024.