Self employed income vs. S Corporation

I was laid off in July 2023 and have been 1099 consulting since then. If I establish an S-Corporation before the end of 2023, can I transfer the consulting money (24K) to the S-Corp to avoid paying self-employment tax on it for 2023? I have zero expected income in 2024 and would like to have as much of the 24K as possible to live on until I find a new job.

posted

What you are proposing really will not have much of an impact, even if it were possible, since you would have to pay yourself a reasonable salary which could very well be the entire $24k if you received that amount strictly for services rendered.

See https://www.irs.gov/pub/irs-news/fs-08-25.pdf