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As a 1 member LLC, I want to take advantage of the tax treatment that an "S" corp. entitles me to. Is this a wise move or should I just stick with the LLC and not file form 2553. I want to pay myself a reasonable salary, then take distributions to avoid the employment tax, thereby saving a significant amount in taxes.
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Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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Are you the only source of income for the business or does it have income generating assets and/or employees? If your the only source of income, then all of the profit is subject to social security and Medicare taxes.
Answered on Sep 07th, 2015 at 12:41 AM