Choosing between forming an LLC or S Corporation can have a big impact on how much you pay in taxes—especially in New Jersey or New York.
An LLC offers flexibility and fewer formal requirements, which is ideal for newer businesses or solo entrepreneurs. But an S Corporation may allow you to save on self-employment taxes by splitting income between salary and distributions.
In New Jersey, LLCs and S Corps both require annual filings and fees, while in New York, there are additional requirements like publishing notices for new LLCs and adhering to city-level taxes if based in NYC.
It depends on your income, goals, and how you plan to grow. Let My Tax Fella walk you through a personalized tax strategy for your business.
