There's nothing like navigating the transition from LLC to S-Corp to show you how ludicrously over-complex the US tax code is.
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Replying to @daedtech
Why on earth would you do that? I just went from S-corp to LLC.
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Replying to @vgr
It saved me about $11,000 in self employment tax for last year. Otherwise, I was quite content with LLC arrangement.
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Replying to @daedtech
I'm paying roughly the same. S-corps require you to pay yourself a salary and payroll taxes on that salary, and more paperwork (940/941)
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Some accountants might tell you you can pass it all through and skip social security/Medicare and pay only income tax, but that's shady af
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Replying to @vgr
Though I was already doing the bookkeeping for quarterly payments, so it doesn't seem like a ton of marginal bureaucracy (Famous last words)
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Replying to @daedtech
I slipped up a few times and got IRS nastygrams. Stay on top of those 940s.
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Replying to @vgr
I sort of view the IRS as a grazing ungulate, and dutifully take precautions not to send it into stampede mode.
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