I recently created a single member LLC and filed for it to be taxed as an S-Corp. I work as a freelancer (remotely from home, for the most part) in entertainment and would like to start being paid through this as opposed to being paid as a W2 employee or 1099 in some cases. I'm setting up a business bank account and aim to start getting paid through my LLC in the next few weeks. This is my first time doing this and I'm struggling to understand all of the tax requirements and implications. I'm hoping someone can help answer the following questions for me:
. When my paychecks hit my bank account, how should I go about paying myself?
. How much should I leave in the account for taxes?
. Are there any additional fees I must pay each year as an LLC filing as an S-Corp?
. What purchases and expenses are eligible for write-offs?
- Part of my mortgage since I work from home, internet, cable and streaming services since I work in entertainment, etc.?
. What are the pros and cons of operating as an LLC (with S-Corp tax status) as opposed to working as a W2 or 1099 employee?
Any help you can provide would be greatly appreciated. I really just want to make sure I'm making the right choice in utilizing the LLC as opposed to working as a regular employee and also want to make sure I'm adhering to all IRS and tax requirements.
Thank you!
