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Self employed
Good morning! Tax wise, not much of a difference by switching from a sole proprietorship to a single member LLC or S-corp, the benefit would be in the limited liability in the event of a lawsuit. If you create a single member LLC, you can continue to file a Schedule C on your personal return as usual, an S-Corp requires a separate tax return which can get pricy. I am including a link with additional information which may help you to make this decision: Should You Switch Your Side Hustle From A Schedule C Sole Proprietor To An LLC Or Corporation?
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‎October 27, 2021
9:31 AM
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