Here are a couple of articles that discuss some things to think about. I do not know how accurate either article is.

https://turbotax.intuit.com/tax-tips/small-business-taxes/how-an-s-corp-can-reduce-your-self-employm...

https://www.listenmoneymatters.com/llc-vs-s-corp/

If you convert to an S-Corp you will need to pay yourself a reasonable wage and file all required payroll tax forms and any state forms required including additional fees.  This will also require a separate business return to be filed before the personal return can be filed.   If this is a service business and you are the only worker then switching to a corp may not make financial sense.   Seek local professional assistance to discuss the pros and cons specific to your situation before you do anything. 

There is no all-in-one answer.  To make the proper decision, you need to sit down with a local tax professional that can analyze your ENTIRE situation to determine the best way to be taxed.

A corporation has a lot more paperwork and some additional expenses.  If you don't have people working for you and/or don't have a lot of money invested into the business, the less likely it would be beneficial to be taxed as a S-corporation.

But again, you should NOT make that decision without the assistance of a good tax professional that does corporations.

Understand that if you register with your state as an LLC, then file the required paperwork with the IRS to treat your LLC like an S-corp, that election is for *TAX* *PURPOSES* *ONLY* and no other.

Example:

You are a qualified HVAC tech and operate as a self-employed HVAC tech and installer registered with your state as an LLC (which the IRS considers a disregarded entity). You file IRS Form 2553 electing to be treated like an S-Corp. This treatment is for TAXES ONLY! Nothing else.

While installing an HVAC system in a house there is a fire that burns the house to the ground. The fire investigator determines it was your fault. While the homeowner's insurance may pay for the house, it may not pay for the belongings that were lost in the fire. So the homeowner sues you.

The homeowner is suing *YOU* *PERSONALLY* and your S-Corp election provides you absolutely no protection of your personal assets. Why? Because the IRS Form 2553 S_Corp election is for tax purposes only, and nothing else. The judge hearing the case does not recognize your S_Corp as a separate entity and is not required to. So the homeowner wins the suit and you end up losing your business, and possibly anything else you may own (such as your own home) to pay any damages awarded by the court to the plaintiff.

So there's more than just taxes at play here. I myself never could understand why a person who needs to protect personal assets doesn't just set up their business as an actual full fledged S-Corp from the start.