How Can S Corporations Owners Cut Taxes? - Palma Financial

9 Ways to Slash S Corp. Taxes

You can slash S Corp taxes and save money with the proper planning.

We’re all about giving our clients what they need when it matters. That’s why we take a personalized and hands-on approach to tax advisory. So you can feel confident in your decisions with us by working together on designing a tax plan tailored just for YOU!

Here are 9 ways to slash S Corp taxes and save money:

  1. Reduce the S corporation owner’s wages.
  2. Deduct the S corporation owner’s health insurance premiums.
  3. Employ your child 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 and reimburse yourself from the corporation for the expenses.
  6. Rent your home to the S corporation for 14 days or less and deduct the rent expense.
  7. Have the S corporation 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 significant deductions this year.
  9. Reimburse the S corporation owner for travel expenses, deduct your smartphone and provide smartphones to your employees as tax-free fringe benefits

We’re committed to your success. We’ll work tirelessly with you and design a tax strategy that’s perfect for whatever situation YOU need!

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