I’m obviously going to talk to a professional, but I’m trying to gather a little info first. Also I don’t understand any of this, so sorry if I’m using terminology wrong.
At what point does it make sense to form an S Corp or LLC? Like from a gross earnings perspective.
Last year during the writers strike I had to pivot to contract/freelance copywriting work. I did okay all things considered. And I’m getting hit w a pretty big tax bill bc I’m a dummy and didn’t pay anything quarterly.
Looking forward to next year, my current accountant said the fees/costs associated to set up an S Corp would probably negate any tax benefits. She wasn’t sure about the LLC bc I’m in Illinois and she’s in CA, so she needs to read up on that.
Is there a gross profits minimum you’d consider before establishing an LLC vs continuing to be paid as an individual and using schedule C?
Thanks for any (free) advice!
At what point does it make sense to form an S Corp or LLC? Like from a gross earnings perspective.
Last year during the writers strike I had to pivot to contract/freelance copywriting work. I did okay all things considered. And I’m getting hit w a pretty big tax bill bc I’m a dummy and didn’t pay anything quarterly.
Looking forward to next year, my current accountant said the fees/costs associated to set up an S Corp would probably negate any tax benefits. She wasn’t sure about the LLC bc I’m in Illinois and she’s in CA, so she needs to read up on that.
Is there a gross profits minimum you’d consider before establishing an LLC vs continuing to be paid as an individual and using schedule C?
Thanks for any (free) advice!
