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No need to elect to be an S Corp at that level of profit. Changing from a sole proprietorship to an LLC will not change your income tax. The only thing it will do is add liability protection. This may be well worth the price. So the issue is not your revenue or income. The issue is whether you have any potential liability.
Thanks John, I appreciate the note. I'll consider it :) and hope for bigger profitability in upcoming years as I expand to do more licensing.