First of all, yes I know I ultimately pay a professional for guidance; but I thought I’d start here and get some unofficial general council because taxes and corporations are not something I know anything about.
So my wife is a speaker and writer on the side. Last year she made less than $10K on this side gig. Because of some questionable advice she received; she created an S Corp. We’ve subsequently been told on more than one occasion, that probably wasn’t even necessary due to the small amount of income she makes on the side gig.
I’m thinking we should just dissolve the S Corp. We’ve done absolutely nothing with it since it was created 6 or 7 months ago. I suppose we can apply the $ she made to the company, but why? We’re paying taxes on it either way. I can dissolve it on Legal Zoom for about $120.
What am I missing? Is there a reason to keep it going? I don’t think it will ever be a full time gig.