LLC or S-Corp question A friend of mine has a question that I thought I'd start here with. in the 2013 year his business generated 220,000 in sales, and made approx. 110,000 in profit.. he is a 1-man operation.
he's telling me hes going to get taxed at 30$ paying nearly 41,000 in taxes this year.
would it benefit him going forward with this type of volume to change to an S-corp? and depreciate things against his business?
would like to help him out, as he didn't expect his business to boom the way it did.
thanks in advance |