Remember 10 Schedule C Tax Strategies: Welp, this is how to do it if you have a S-Corp.

This article is short and sweet, but to the point

In our previous article 10 Schedule C Tax Strategies . We discussed possible tax credits for schedule C filers. What if you have an S-corp? The profits and losses are still filtered through your personal taxes, but in a different form. (Yes I know The IRS loves its forms!)

These are some tax strategies you can still implement to save you money for 2021.

Here are some strategies for S corporations you can implement today:

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. (This one may not help you personally as you will lose your homestead exemption, but the saving may be greater this this way)
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 big 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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