New York S-Corp! Does it make sense?

Christian hung in New York City. And Christian, I'm looking at this cute little photo of their child here, says, does an S corp make sense in New York City when it comes to tax savings versus just a basic llc? Well, let me tell you the problem in New York City, not that there's a lot of problems, because I love New York City. I lived in New York City for a couple years, just love it there. So here's your trifecta. You got your IRAs over here, you've got your rentals over here in an llc and you've got your short term income over here. And Christian is doing business in New York City. So his big debate is, or sorry is do I do an LLC or an S Corp? Now, many of you, and this is absolutely true in almost every other part of the country, every state, every city, if you're making more than 40 grand, I'm going right here. S Corp every time period. The problem with New York City though is the five boroughs. And if some of you don't know what the five boroughs are, if you live in New York, you know, Staten Island, Brooklyn, Queens, New York Bronx, those are your five boroughs. They are considered part of the city. They are within New York City. And if you live in New York City, those five boroughs, you've got to file a city tax return on top of the state tax return on top of the federal tax return. And I know you people hate it. I hated it. No fun. And what the New York City Tax Department. I'll just leave it at that. Is, and I apologize, is it the New York Tax Authority? I can't remember at the moment, so forgive me, Department of Taxation, I deal with so many cities and states, it gets hard. But here's the problem. In New York City, the S Corp is treated like a C corp for city purposes. So there's an extra tax here. Now you have to compare what am I saving in FICA with the federal and compare it to the cost of this. So you're going to do this cost benefit analysis and it's a tricky one because you're going to save money on fica. No, no doubt about it. But then you're also going to pay this extra tax being in the city. And the hard answer is, Christian, based on your income, there's a spot where the S Corp makes total sense, then there's a spot where the LLC makes better sense. Then there's a spot where the S Corp makes sense. And it depends on your income and all this other garbage. And Darren, I know we have some spreadsheets on this, and we've analyzed it for certain clients. I was going to write an article on it someday, but you Christian, the answer is it depends. And everybody out there, again, if you weren't in New York City and you're making more than 40 grand net a year, boom, I'm going escort. But in New York City, you really need to meet with your CPA and kind of go through it and run the numbers. And right now, I'd say get with Devin in my office. Wouldn't you recommend that, Darren? I'd go with Devin Muns. I'm gonna put that here. Devin Muns is a tax attorney in my office. You could schedule them for an hour, 400 bucks, and say, devin, run the numbers for me. And our goal is to save you 10 times that. That's what we want to do. You may want to have some other questions and some other plans, but if any of you need a consult with any of our tax attorneys, Darren Here, too, call 435-58-6-9366. We have seven tax attorneys, and this is not an infomercial for our firm. I just want to tell you that's what you should be looking for, someone that can break this down for you.