I wasn't sure where to post this so let me know if I should elsewhere or if someone of this forum would discuss with me individually.
Here's my situation. I work a full time job in a Purchasing dept of a company. In 2006, I became a paid tax preparer running my part-time business out of my home. I formed an LLC then was encouraged by a SCORE rep to file as an S corp for the tax advantages. I have about 250 clients, mostly 1040s and Schedule Cs. I know a little about S corp since I've had to do my own but I'm still not comfortable doing others. As you know S-corps require more than a sole proprietor LLC with the quarterly filings...etc. I'm not sure its worth the trouble.
1. I will probably not make over $15,000 annual profit with my business, so is it worth it for me to keep S corp status as lately I've been thinking of dissolving it and keep my single-member LLC status to simplify reporting...etc.
2. I'm confused about an S-corp paying dividends and the profit I have to report on my taxes. I paid myself reasonable wages in 2014 for my tax work. Say the business still shows a profit of $3000. Can I pay myself (only member) a part (say $1000) of the $3000 as a dividend that gets special tax treatment since I'm in the 15% tax bracket and the rest report on K1 as ordinary income for Fed and St income tax purposes or not?
Thanks for any help.