I just opened a single member LLC for a side business as a consultant. Should I elect S-corp tax treatment or just keep it as a standard SMLLC? I have no employees and I already pay payroll taxes through a W2 job and make $250k. I am a NYC resident.
I would like to "pay" myself only if I actually make money in the LLC. However, if it works out more beneficial from a tax perspective with a S-corp tax election to pay myself a regular salary, I would.
My concern is would I save actually 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. Or should I just let it remain a standard SMLLC?
Thank you!
