LLC with SCORP option for tax purposes?

[Nicole W.]

Hi all,

I just formed my first LLC and received some information that if I elected the scorp option for tax purposes, I could reduce my tax burden. Is anyone familiar with this strategy? If so what are the pros and cons? Is this something that has to be done every year at tax time or is it a one time election. Any help would be greatly appreciated.

Currently I am going to use it for a business and then eventually place investment property inside.