Is an S Corp Working Particularly well for anyone?

[NOVAMustache]

Making good funds as a sole proprietor in an LLC with one employee.

Considering adding myself as an employee and claiming an S Corp status. Has anyone done this and what were some of the good bad and the ugly issues with this?

How did you leverage and invest funds that were on the S Corp side of the business?

Thank you!

[NOVAMustache]

Apologies for the numerous board posts, was really lagging so I thought it was timing out!

Cheers!

[SeattleCPA]

S corporations work great. Here's a blog post that describes how not using an S corporation can be a million dollar mistake:

The Million Dollar S Corporation Mistake

Here's a blog post I did for MadFIentist that explains the whole thing from another angle:

The Tax Benefits of Forming an S corporation

P.S. This is something you do at the start of a year and not the end of the year... E.g., if you formed an LLC today, today would be the first day you could operate as an S corporation...

[Much Fishing to Do]

I paid my CPA to figure the results both ways for a good year and a bad year and I immediately switched over to S Corp election.  There was even an unexpected advantage I hadnt considered which was my local income tax only taxed earned income, so any profit above my salary avoided that as well which made a big difference in big years.