advice on LLC files status S corp
Kinda took my eye off the tax implications this year, big jump in income. I am self employed, a contractor that gets 1099 statements. My question is, is it too late in the year to become an llc, and then set it up to file as an s corp, and have all the years income attributed to s corp even though checks todate have been made out to me. If not, then I will just hope same good fortune next year and then be on top of it. My goal in this move is to shelter several 10's of thousands of dollars from Social Security tax. Yes i know i have to pay myself a reasonable rate.
thanks for any help.