I plan on filing a late request for a Sub Chapter S Corp tax status for my single member LLC to begin on 1/1/24 (I missed the 3/15/24 deadline). I have already began paying myself through regular payroll and am paying taxes via the quarterly 941's.
My gross revenue for 2024 is expected to be about $175,000-$200,000, with about $75,000 in deductible expenses. After the expected extra expense of $3,000 - $4,000 for tax preparation, does it seem worth the added headaches? I am 61 yrs. old and plan on funding an IRA up to the catch up maximum with any tax savings over the next 4-5 yrs. The reduced amount of SS contributions looks like they will have no effect on my SS benefit amount when I project the numbers into the benefit calculator on the SS website.
I currently file Schedule C and have no problems doing my own return, an S Corp will be outside of my abilities for tax preparation. I keep good books and have all my accounts separate from my personal with all expense records recorded and the bank & CC statements to back them up. Any advice?
