I am interested in finding out if forming an LLC (S-corp filing status) is right for my Wife and I. My wife is currently a realtor who is paid usually with a 1099 by other realtors. I work for the goverment and not in the real estate business. would like to know, as taxes are concerned, if it is more advantageos for us to create a co owned LLC with S-Corp filing status and have the LLC be compensated for the work she does (with that income passed to her) then file jointly to save on our over all tax liability.