We provide you with 10 tax-saving strategies that will save you big money. We then show you how the strategies work for you and your corporation and where to record them on your 1120S. The information below was provided to us from Bradford Tax Institute.
I love how in 10 Tax Strategies for Schedule C Taxpayers: What, How, and Where, you not only discuss 10 taxsaving strategies for Schedule C taxpayers, but you also show exactly where in the tax return you should record the tax breaks.
Do you have a similar resource for S corporation tax strategies?
We do now, thanks to your question.
In our new “10 Tax Strategies for S Corporations: The What, How, and Where,” we provide you with 10 tax-saving strategies that will save you big money. We then show you how the strategies work for you and your corporation and where to record them on your 1120S.
Learn more about the following 10 S corporation strategies you can implement today:
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 big deductions this year.
9. Reimburse the S corporation owner for travel expenses.
10.Deduct your smartphone and provide smartphones to your employees as tax-free fringe benefits.
February 8, 2022 | DWHuff Consulting
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