Ask HN: How do you manage your single-member LLC for consulting?
Occasionally, I do consulting/contract work for various clients. A few years ago, I was advised to set up a single-member LLC with S-corp election so that I could save on self-employment taxes. This saves me thousands of dollars a year in exchange for some amount of paperwork.
The paperwork burden isn't huge, but it's large enough to make me wonder if others have found a better solution. In contrast to a sole-proprietorship, I have to manage the following:
- Payroll software to process paychecks (to myself)
- Unemployment insurance filings
- Annual Franchise tax report
- K1 and 1120s
- Business bank account
What combination of services are others using to manage all of this? I currently use Gusto + TurboTax + manual effort, but it feels like overkill for such a common, simple LLC arrangement.
The paperwork burden isn't huge, but it's large enough to make me wonder if others have found a better solution. In contrast to a sole-proprietorship, I have to manage the following:
- Payroll software to process paychecks (to myself)
- Unemployment insurance filings
- Annual Franchise tax report
- K1 and 1120s
- Business bank account
What combination of services are others using to manage all of this? I currently use Gusto + TurboTax + manual effort, but it feels like overkill for such a common, simple LLC arrangement.