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Business & farm
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.
‎July 23, 2020
11:41 AM
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