Why you should consider converting to an S‑Corp If your LLC is netting around $50K+, it may be time to consider an S‑Corp election. Here's why: Slash self‑employment taxesAs an LLC, 100% of net income is subject to FICA (Social Security and Medicare). Electing S‑Corp status lets you pay yourself…

If you're currently in a partnership, someone might've told you, "Hey, convert your partnership to an S-Corp to save on self-employment tax!" But hold up—making your top-level partnership an S-Corp? Big mistake. Here's the smarter move: Each Partner Creates Their Own S-Corp Instead of converting your partnership, each partner should…