Hi there,
I have a newly created single member LLC in Colorado. From my understanding, if I want to change my tax filing from sole proprietor to S-Corp, I have until early January to change my tax filing status for 2024, or mid-March for 2025.
When do you typically recommend that an LLC file under S-Corp versus the default? I think I shouldn't worry about 2024 (I won't have much income in 2024), but I imagine it could matter in 2025.
What other best practices do you recommend for an early stage LLC? Any key considerations for movement of cash or key things to look out for with taxes? What can you deduct as a single member LLC?
Thank you!
