That's a great question, Zain! Have you checked with your accountant yet? I would start there for sure.
I agree with Berta's advice. Consult professional accountant and follow his advice. You don't want to rely just on the feedback from online forums.
I just realized the tax benefits of starting an S corporation. Up till today, I have been doing all client work with companies as 1099 and getting checks written out directly under my name.
Here's my question:
Can I start my S corporation right now at the end of 2013, but retroactively claim all the income from the beginning of this year under the newly formed S corporation?