Originally Posted by dolores:
LLC offers some level of protection for personal assets but not 100%. As far as taxes, every year I complain to my accountant about the taxes and every year he tells me to switch to an s-corp, like Michael said. Wish I had done it in the first place.
Before switching to an S Corp, make sure you understand all the tax consequences. You will lose the ability to depreciate your home. You must set up an "accountable plan" or other process to deduct other house expenses. There are annual costs associated with an S Corp and you may have to pay more in tax preparation fees.