Being an S-Corp is the first step in lowering your tax burden. Making sure both you and your wife are on the Corporate payroll is the second step and VERY important. Not only is this a requirement of the IRS, as all Officer/Owners are to be paid a reasonable salary by payroll through the Corporation, but this will also save money because you will be paying FICA taxes through payroll withholding for both of you, rather than 15.3% self-employment tax as a partnership. Great Planning!
Purchasing an automobile: Make sure the vehicle is in the LLC/S-Corp. name. In the first year, you will be allowed special depreciation, and if the S-Corp. is earning enough income, it is recommended you take this deduction. Also, ensure you have a policy in place regarding who is able to drive the vehicle. Utilize the MILEAGE plan for the first year. This enables you to use either mileage or regular expenses in subsequent years.
Side-Gig Work - Youcould be paid under the current LLC/S-Corp. for side work within the S-Corp. Ask the employer to pay you as an independent contractor using your EIN number. Give them your W-9 form with the S-Corp. information; this enables all earnings to remain under one corporation, especially if you will be doing the same medical work.
Business Travel - Travel can be expensed under the travel line item on the P&L. Travel of your spouce would only be deductible if their presence is also for business (ie. her travel is to attend part of the conference geared to her area of expertise). If not, only your travel costs would be deductible (your airline ticket).
Meals are deductible at 50% and enteratianment, unless included in the cost of a conference, is not deductible. The conference fees are deductible as continuing education, unless you are a keynote speaker, in which case they would be deductible as marketing or promotion.
Office Snacks & Uniforms - Coffees at the office or scrubs are only deductible as office expenses as they pertain to office uniforms or office kitchen supplies provided to all members of office team.
