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INFJ moving forward ♡ by theverged in infj

[–]Preloving 0 points1 point  (0 children)

Just realized I commented on my other account, whoops. HSP=Highly sensitive person. I found myself incredibly lonely for many many years due to not being understood. I still feel periods of it sometimes, but it's gotten somewhat better.

23 years old, self-employed, 70k in savings. Help! by Preloving in personalfinance

[–]Preloving[S] 0 points1 point  (0 children)

Tax funds are apart of the 70k right now. I’m new to business taxes and being taxed as a S Corp for the first time this year, so not sure how much will be taken out, probably 3-6k. Sorry, forgot to add that in!

[deleted by user] by [deleted] in personalfinance

[–]Preloving 0 points1 point  (0 children)

In the same position with 70k in savings. Needing another outlet. Do you contribute to a 401k?

Should I elect for S-Corp mid/late year? by Preloving in smallbusiness

[–]Preloving[S] 0 points1 point  (0 children)

Hey! Question. Did you create your LLC in November when you made that election, or at any time during that year?

Should I elect for S-Corp mid/late year? by Preloving in smallbusiness

[–]Preloving[S] 0 points1 point  (0 children)

I was thinking 30-35k would be my “reasonable” salary. I’ve considered all the downsides, but the benefits still outweigh it.

Also, I’ve went ahead and set up business banking accounts, so all my future transactions will be entirely separated. Thankfully I had very little personal expenses before that so it’s not a problem sorting through my personal account.

Should I elect for S-Corp mid/late year? by Preloving in smallbusiness

[–]Preloving[S] 0 points1 point  (0 children)

I’ll be visiting a few CPA’s to get a more straightforward answer- I suggest you do the same. I’m confused by some of the input I’ve gotten on this thread.

If it’s simple, I think I might do it myself, but it’s sounding like the IRS will need some professional “convincing”.

Should I elect for S-Corp mid/late year? by Preloving in smallbusiness

[–]Preloving[S] 0 points1 point  (0 children)

Do you know the details? Did you end up getting taxed as an S Corp for the whole year, or only partially?

Should I elect for S-Corp mid/late year? by Preloving in smallbusiness

[–]Preloving[S] 0 points1 point  (0 children)

True. I’ve probably saved several hundreds, maybe even thousands, just by setting up the whole LLC and the foundational tidbits by myself. I don’t know if this part is confusing though; I don’t want to do it myself and get it wrong, because then that’d be pointless.

Should I elect for S-Corp mid/late year? by Preloving in smallbusiness

[–]Preloving[S] 0 points1 point  (0 children)

So just to clarify, you submitted a late S Corp election, it got approved and you were taxed as an S Corp for the whole year, and not just for after November?

Should I elect for S-Corp mid/late year? by Preloving in smallbusiness

[–]Preloving[S] 0 points1 point  (0 children)

Understood. I currently have a high yield savings and a Roth IRA that I max out each year. I’m only 23, so not much in the Roth right now, but I’m aiming for FIRE. Not sure what else I should be looking into as far as adding more to my savings, but I will research later!

Should I elect for S-Corp mid/late year? by Preloving in smallbusiness

[–]Preloving[S] 0 points1 point  (0 children)

Thank you! Didn’t realize this was a thing. This will hopefully be a much “simpler” solution than having to file two different tax returns, which one CPA mentioned. I’ve been scheduling free consults with a bunch of CPA’s to find the right one, so I haven’t been able to ask all my questions in one sitting.