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Business & farm
I did not realize there was another driver involved. Yes, that could allow for more distributions (and therefore less salary), saving more Social Security and Medicare taxes, so a S-corporation MIGHT be a better option. At any rate, a tax professional should analyze your specific circumstances to determine what type of entity and taxation is your best option.
In most States (maybe all), the liability protection of an LLC is comparable to a corporation. If that is true in your State, then it comes down to what is best for your specific tax situation.
In most States (maybe all), the liability protection of an LLC is comparable to a corporation. If that is true in your State, then it comes down to what is best for your specific tax situation.
‎June 3, 2019
4:45 PM