10 Tax Strategies for S Corporations
October 9th, 2022 at 12:37 PM
Here\'s 10 strategies to reduce your S Corporations Taxes:
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 to deduct the rent expense.
7. Have the S Corporation reimburse the owner for depreciation expenses related to the business use of a vehicle and home office.
8. Combine the home office and a heavy SUV, crossover vehicle, or pickup truck to attain significant deductions.
9. Reimburse the S Corporation owner for travel expenses.
10. Deduct your cell phone & provide cellphones for employees as a tax-free fringe benefits.