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vd5
Level 1

S Corp tax Savings/Maximize Deductions tips

Is there a comprehensive list or reference where we can learn more about optimizing and getting the most out of our S Corp? Any tax saving or deduction tips? 

Anything specific that applies to a digital marketing agency? 

We're doing all the basics of taking out the home office expenses or basic deductions. Thank you!

3 Replies
AdamNe
Employee Tax Expert

S Corp tax Savings/Maximize Deductions tips

Hello @vd5 ,

 

Here is a great resource that describes many of the expenses that are considered tax deductions by the IRS. There is little difference between applicable expenses and deductions for an S-Corp or a sole proprietorship. 

 

https://turbotax.intuit.com/tax-tips/small-business-taxes/taking-business-tax-deductions/L5RueYPVS

 

The one other thing you may want to consider as an S-Corp is paying for employee health benefits and/or retirement benefits. 

 

 

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vd5
Level 1

S Corp tax Savings/Maximize Deductions tips

@AdamNe Thank you!

 

Re: Employee health benefits and/or retirement benefits: We're the only two FT employees (50-50 Owners / Husband & Wife)  and have been told we don't qualify for a Health Insurance plan through the company unless we hire another FT employee. We do have 3-6 contractors that we pay directly though at any given time. We use Marketplace but pay for it as a personal expense. Do you know if we can pay for the Marketplace directly via the company?

AHelper
Employee Tax Expert

S Corp tax Savings/Maximize Deductions tips

Hi AdamNe,

 

For overall expenses I highly recommend checking out IRS Small Business and Self-Employed Tax Center 

 

You can reimburse yourself and for your wife's insurance if you include it in your taxable benefits and talk to the Marketplace first to make sure they know it is a Self-Employed plan. This goes into more detail on how that works. 

Deducting Health Insurance Premiums If You're Self-Employed 

The rules change quite a bit and frequently so keep an eye out for that in the news. Legal Zoom has a decent article on some of the recent changes Is a Health Insurance Premium Tax Deductible With LLC? 

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