S-Corp Tax Strategies: Secrets To Eliminate Taxes

Summary

This video from a CPA outlines key tax strategies for small business owners using an S-Corporation, which are highly applicable to STR hosts. The primary benefit is avoiding the 15.3% self-employment tax on business profits by paying oneself a 'reasonable salary' and taking the rest as a distribution. Other advanced strategies include establishing an accountable plan to reimburse personal expenses, creating a board of directors to deduct travel and meeting costs (including using the Augusta Rule), and leveraging retirement and fringe benefit plans for significant tax deductions.