Posts

How to Take a Home Office Deduction for your S-Corporation

If you use a part of your home for your business, the IRS lets you deduct a portion of your household expenses as a home-office deduction. For a partner in a partnership, this can simply be reported on Schedule E of your personal tax return…

Is Your S-Corporation Compensation Reasonable? Here’s How to Avoid an IRS Audit

A great tax-saving feature of S-corporations is that the net earnings are exempt from self-employment tax. But the tradeoff is that S-corp shareholders are expected to take a salary that qualifies as “reasonable compensation.” Since wages…