Thanks for all your content! I’ve been talking to my accountant for many years about changing to S-corp election. We are currently LLC taxed as partnership (husband and wife). We have approximately 30 employees at any one time. Currenty pay ourselves W2 income and distributions.
He has told me many times that Congress has been contemplating removing the extra benefits of S-corps for years and the benefits could go away soon.
He has also said that benefits of S-corps are not as beneficial at certain higher income levels and potentially not a savings of the entire amount (percentage).
Lastly he has said that the Self employment tax paid in will help increase my Social Security benefit upon retirement. I’ve never heard that before as being a benefit but I guess it make sense.
Not sure if Mark or Mat would be able to comment on any of these statements.
Thanks and I’ve been working with your staff on numerous items the past few months for business restructure and rental property LLCs. So far so good!