with an S-Corp election you will file an 1120S. since in effect it's a corporation that you own and work for, the IRS would classify you as an employee. Employees generally don't work for free, so the IRS would want to see you take a reasonable salary. if you have health insurance there are ways to handle so you get an "above-the-line" (reduces adjusted gross income). handle it wrong and at best it would be treated as a medical expense reported on schedule A which might not produce any tax benefit.
this link will give you guidance on reasonable compensation and how to handle health insurance
https://www.irs.gov/businesses/small-businesses-self-employed/s-corporation-compensation-and-medical...
i would also suggest using a tax pro to prepare the first year return. there are a lot of federal and state tax and other laws that affect your business. TT does a good job of going thru the tax issues but many people are surprised when they are faced with fines for failure to comply with non-tax laws.
