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:
- Reduce the S corporation owner’s wages.
- Deduct the S corporation owner’s health insurance premiums.
- Employ your child to lower your taxable income.
- Sell your home to the corporation before converting it to a rental property.
- Establish an office in your home and reimburse yourself from the corporation for the expenses.
- Rent your home to the S corporation for 14 days or less and deduct the rent expense.
- Have the S corporation reimburse the owner for depreciation expenses related to business use of a vehicle and home office.
- Combine the home office and a heavy SUV, crossover vehicle, or pickup truck to grab significant deductions this year.
- Reimburse the S corporation owner for travel expenses, deduct your smartphone and provide smartphones to your employees as tax-free fringe benefits
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