Benefits Of LLC Electing S-Corp Status?
All,
Based on some info received on a different psot, I am trying to identify the benefits (and disadvantages) of having an LLC elect to be taxed as an S-corp.
From what I understand, one benefit is that the S-corp allows one to deduct valid business expenses from active and passive income without being charged the self employment tax.
Is there anyone out there who is currently taxing their LLC as an S-corp and if so, what benefits (or problems) have you realized from this?
Thanks.
JS.
Anyone?
Bump.!