So I will be starting up a new LLC and possibly Filing as S-corp. This is a side business. I have a normal W2 job already.
I am the sole owner. No other members.
I have read that the downside to S-Corp is the accounting you have to do because you must pay yourself a reasonable salary per W2 payroll and all the withholdings and estimated taxes that go along with that. There also seems to be some quarterly reporting requirements.
Others I see are using online payroll systems to do this. Which is what I may do if I have to.
The thing is... I don't need this income instantly. It can wait till the end of the year.
Can I cut down on some of this accounting overhead by just signing up for a payroll system at the end of year and paying myself one bulk annual check and annual distribution?
