Hi! Yes, I do have a separate W2 job that is full time. I am setting up an LLC for side business as a consultant. I would like to "pay" myself only if I actually make money in the LLC. Of course, if it works out more beneficial from a tax perspective as a S-corp tax election to pay myself a regular salary, I would.
My concern is can I save taxes with an S-corp election while keeping the liability separate in an LLC? I will set up separate bank and credit card acc's of course. I am a NYC resident in case that matters and I hope to make a total AGI of over $250k.
Thank you!
