The 2018 tax season is here! We are finally going to see the effects of the tax law change at the end of 2017. And as you can image, lots of questions are coming in already.
One subject that has really caught my eye has been how to handle running an S-Corp as a sole shareholder. You’ve likely heard a lot of talk about the new 20% Qualified Business Income (QBI) Deduction. Many businesses are now reevaluating their business structure to see what is best. This is especially important for those running a business by themselves.
For instance, one of my small business owner clients recently asked me whether it made sense for her to reorganize a single member LLC into a solo S-Corporation because of the new law. It’s a technical question, and it has broad implications. Today, I want to talk specifically about running an S-Corp as a one-person shop and what you should consider if choosing this structure.