Situation:
A person has a good-paying job where the social security tax limit is reached or almost reached every year, and the person also has a side business (LLC) that brings in more than 100k every year with the profit projected to double in the near future.
Dilemma:
Should that business be switched to an S-Corp, or should it maintain its status as LLC since the self-employment tax savings are mainly only on the medicare part?
