Top Tax Strategies for S Corps

Top Tax Strategies for S Corps

We’ve always got your back, so today we’d like to share with you our top ten strategies for S Corps!

1. Reduce the S Corp owner’s wages
2. Deduct the S Corp owner’s health insurance premiums
3. Employ your children to lower your taxable income
4. Sell your home to the corporation before converting it to a rental property
5. Establish an office in your home an reimburse yourself from the corporation for the expenses
6. Rent your home to the S Corporation
7. Have the S Corp reimburse the owner for depreciation expenses related to business use of a vehicle and home office
8. Combine the home office and a heavy SUV, crossover vehicle, or pickup truck to grab big deductions
9. Reimburse the S Corp owner for travel expenses
10. Deduct your smartphone and provide smartphones to your employees as tax-free fringe benefits

But BEWARE! These Strategies are high in savings, but not DIY. If you try these on your own, you may do them incorrectly and be stuck with an audit or penalties. Be sure to talk to a professional before implementing them.

Well wait, what a coincidence! We are those tax professionals you can talk to! Make an appointment to discuss these strategies for your S Corporation, today!