When it comes to reducing your S Corp taxes, there are a few things you can do. Here are 10 quick tips to get you started:
- Reduce S Corporation Owner’s Wages
- Deduct Your Health Insurance if You are the owner of an S Corp
- Employ Your Child
- Sell Your Home to Your S Corporation Before Converting it to a Rental Property
- Reimbursement of Home-Office Expenses
- Rent Your Home to Your S Corporation and Get Tax-Free Income
- Contributing to Retirement (Deductible in 2020)
- Reimbursement of Vehicles Expenses
- Reimbursement of Travel Expenses
- Don’t sell a business vehicle
For more specialized tips tailored to you about how to reduce your S Corp taxes and more, contact us at Palma Financial. With over 20 years of experience, we have the knowledge and expertise to guide you in all parts of your financial journey. Contact us by phone or online or schedule your initial consultation here. We look forward to serving you!