Submitted by: Muggs338
Once again I visit you guys for another Tax and Small business question. My wife’s LLC generates net revenue a little bit above the social security limit. I know Mark’s S-election guidance starts at about $50k. My question is about the accounting. My account , although conservative guided me that the S-election aftercare is said and done would save approximately $2-3k and because of the QBI doesn’t really make sense due to the tax return cost, extra accounting work, documentation, record keeping all for $2-3k. I get it that any savings is a savings, but realistically what’s can you explain more clearer for me to make my case to my accountant? Plus, is there anything I may be missing?