I’ve been listening to the Main St podcast for over a year and live your information. My question is how you both live the S-corp election if net income is over $50k. My wifes LLC has netted almost $200k and we pY max FICA. I understand the savings of lowering FICA by lowering the owner income by S-election, but what’s then the impact of paying less into Social Security and my future withdrawals at age 62, 65, 67 or older? Would it be smarter to take the FICA savings and put i to a ROTH IRA ? By the way , my wife and I max out our 457/401ks from my job and her business.
Thank you so much for the question. We answered this on our last podcast. Please check it out and we hope our comments were helpful. Mark and Mat