S Corporation tax write-offs for the year 2024

S Corporation tax write-offs for the year 2024

S Corporation tax write-offs for the year 2024

As a business owner, understanding these deductions can significantly impact your tax liability. Buckle up, and let’s explore the top write-offs available to S Corporations:

1. Home Office Deduction

2. Self-Employment Tax Deduction (And Avoidance)

3. Depreciation Deduction (Sec. 179)

4. 20% Pass-Through Deduction (QBI)

5. Vehicle Tax Deduction

6. Travel Expense Deduction

7. Business Meals Deduction

8. Hiring Your Children

9. Employee Salaries and Contract Labor

10. Employee Benefit Programs

Remember, these deductions can vary based on specific circumstances, so consult a tax professional to optimize your S Corporation’s tax strategy. Happy tax-saving!

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