Time for S Corp? Advice Please
Hey everyone, I run a single-member LLC that made about $190K in profit in 2024, and I’m expecting to hit $400K in 2025. I'm also in the process of hiring my first employee.
I've been debating whether to convert to an S-Corp, but a few things are holding me back. I reinvest nearly everything back into the business and rarely take money out. I live off my VA disability, so the idea of paying myself a salary feels unnecessary. I don’t love the added complexity of payroll, hiring a CPA, and S-Corp tax filings.
I know an S-Corp could save me a lot on self-employment taxes, but I also don’t want the extra admin headaches. Would making the switch still be worth it in my situation? Anyone with experience running an S-Corp while reinvesting most of their profits?