{"id":4583,"date":"2025-01-21T11:10:34","date_gmt":"2025-01-21T16:10:34","guid":{"rendered":"https:\/\/www.northone.com\/blog\/?p=4583"},"modified":"2025-02-20T15:20:40","modified_gmt":"2025-02-20T20:20:40","slug":"s-corp-taxes","status":"publish","type":"post","link":"https:\/\/www.northone.com\/blog\/taxes\/s-corp-taxes","title":{"rendered":"S Corp Taxes Guide for the 2024 Tax Year"},"content":{"rendered":"\n<p>You\u2019ve built your business and put in countless hours to get it thriving. But then <a href=\"https:\/\/www.northone.com\/blog\/small-business\/business-tax-preparation\">small business tax season<\/a> rolls around, and suddenly, you\u2019re reading through rules and deadlines, scrambling for deductions. Sound familiar? Taxes are unavoidable, and the S corp tax has specific implications you need to follow. But all it takes is knowledge to turn this moment into an opportunity for your business.\u00a0<\/p>\n\n\n\n<p>The 2024 tax year is an opportunity for S corps to minimize liability and maximize potential. Here\u2019s a breakdown of everything you need to know about the S corp tax for the 2024 tax year.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_are_S_corps_taxed\"><\/span><strong>How are S corps taxed?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><a href=\"https:\/\/www.northone.com\/blog\/start-a-business\/what-is-an-s-corp\">S corporations<\/a> are pass-through entities. So, they don\u2019t pay corporate taxes at the federal level. Instead, the income, deductions, and credits pass directly to the shareholders, who report their share on their personal tax returns. This approach avoids the double taxation that plagues C corporations, creating a nice balance: owners can draw a salary while potentially saving on self-employment taxes. How does it work exactly?<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Shareholder taxes<\/strong>: Each shareholder reports their share (as determined by their percentage of ownership in the corp) of the S corp\u2019s income, losses, and deductions on their personal income tax return. Individual tax rates\u2014ranging from 10% to 37%\u2014apply.<\/li>\n\n\n\n<li><strong>Employee salaries<\/strong>: S corp owners must pay themselves a reasonable salary. Your salary is subject to federal payroll taxes, including Social Security and Medicare.<\/li>\n\n\n\n<li><strong>Distributions<\/strong>: Any additional profits distributed to shareholders are not subject to self-employment taxes but are taxed at the individual level. Distributions are taxed at the shareholder&#8217;s ordinary income tax rate but are not subject to Social Security or Medicare taxes.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_main_tax_advantages_of_an_S_corp\"><\/span><strong>What are the main tax advantages of an S corp?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>S corporations come with a set of tax <a href=\"https:\/\/www.northone.com\/blog\/start-a-business\/benefits-of-s-corp\">perks<\/a> that can transform how your business handles profits and expenses. With the right strategies, you can make the most of every S corp tax benefit while staying compliant <em>and<\/em> primed for growth.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Pass-through taxation<\/strong>: Income earned by the business skips federal corporate taxes and goes straight to shareholders&#8217; personal returns. This keeps your money out of a double-taxation trap.<\/li>\n\n\n\n<li><strong>Self-employment tax savings<\/strong>: Only your salary faces Social Security and Medicare taxes, not your entire share of the business profits. The result? A smaller tax bill and more flexibility in how you manage income.<\/li>\n\n\n\n<li><strong>Loss deductions<\/strong>: Had a rough year? Shareholders can use their portion of the S corp\u2019s losses to offset other income on their personal tax returns, softening the blow during lean times. Losses are deductible only up to the shareholder&#8217;s basis in the S corp, which includes their investment and any loans directly made to the business.<\/li>\n\n\n\n<li><strong>Healthcare and retirement benefits<\/strong>: Tax-deductible contributions to retirement accounts and health insurance premiums mean you\u2019re not just saving for the future\u2014you\u2019re saving on taxes today.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_necessary_tax_filing_forms_for_S_corps\"><\/span><strong>What are the necessary tax filing forms for S corps?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>When it comes time to file (March 15, 2025), S corps use two main IRS forms for reporting:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Form 1120-S<\/strong>: This is the S corp\u2019s <a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/f1120s.pdf\">annual tax return<\/a>. It reports income, deductions, and credits at the corporate level.<\/li>\n\n\n\n<li><strong>Schedule K-1<\/strong>: Each shareholder receives <a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/f1065sk1.pdf\">this form<\/a>, which details their share of the business\u2019s income, losses, and deductions. Shareholders use it to complete their personal tax returns.<\/li>\n<\/ul>\n\n\n\n<p>Shareholder-employees must also report their salaries on <a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/fw2.pdf\">Form W-2<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_can_you_reduce_your_S_corp_tax_burden\"><\/span><strong>How can you reduce your S corp tax burden?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Cutting down on your S corp\u2019s tax liability takes strategy and attention to detail. Here are a few ways to make the numbers work in your favor:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Deduct_business_expenses\"><\/span>Deduct business expenses<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Every dollar spent running your business could mean dollars saved at tax time. Office supplies, travel costs, rent, and even professional development courses can chip away at your taxable income. The key? Keep impeccable records. Those seemingly small expenses you log now could save you big later in <a href=\"https:\/\/www.northone.com\/blog\/taxes\/guide-to-small-business-tax-deductions\">small business tax deductions<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Pay_yourself_a_reasonable_salary\"><\/span>Pay yourself a reasonable salary<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The IRS keeps a close eye on this one. Your salary should match what others in your industry and role earn. Too low, the IRS might suspect you\u2019re trying to dodge payroll taxes. Too high, and you\u2019re overpaying. Strike the balance. Be smart, but don\u2019t tempt an audit.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Hire_family_members\"><\/span>Hire family members<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Got kids? Put them to work. Children can earn up to $12,000 tax-free, and their salaries are fully deductible for your business. Of course, they need to actually work\u2014cashiering, cleaning, etc.\u2014not just show up. It\u2019s a smart way to cut costs while keeping money in the family.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Maximize_retirement_contributions\"><\/span><strong>Maximize retirement contributions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Saving for your future pays off <em>right now<\/em>. Contributions to a Solo 401(k) or SEP IRA are tax-deductible. For 2024, you can contribute up to $66,000 in a SEP IRA or $22,500 (or $30,000 if you\u2019re 50+) in a Solo 401(k).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Leverage_the_SALT_deduction_workaround\"><\/span>Leverage the SALT deduction workaround<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The federal cap on state and local tax (SALT) deductions is limited to $10,000, but some states provide a solution through the Pass-Through Entity Tax (PTET). By electing PTET, your S corp can deduct state taxes at the entity level, treating them as a business expense. This approach effectively bypasses the federal SALT cap, potentially offering significant tax savings for shareholders.<\/p>\n\n\n\n<p>States like <strong>New York, New Jersey, and California<\/strong> have implemented PTET programs, making this option available to eligible S corps. Check your state\u2019s guidelines to determine eligibility and ensure your business takes full advantage of this powerful tax-saving strategy.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_can_you_get_valuable_tax_credits_for_S_corps\"><\/span><strong>How can you get valuable tax credits for S corps?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Tax credits go straight to the bottom line, reducing what you owe dollar-for-dollar. If your S corp qualifies, these credits hold substantial savings:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>The R&amp;D Tax Credit<\/strong>: Innovation isn\u2019t cheap, but the government rewards businesses that invest in new products or technologies. Whether you\u2019re refining a product or improving efficiency, the R&amp;D credit offsets qualified expenses.<\/li>\n\n\n\n<li><strong>Energy efficiency credits<\/strong>: Green energy is an all-around win. You help the planet while getting sustainability credits for installing solar panels, upgrading to efficient HVAC systems, adding EV charging stations, etc.\u00a0<\/li>\n\n\n\n<li><strong>The Work Opportunity Tax Credit (WOTC)<\/strong>: Hiring from specific groups\u2014like veterans or those from disadvantaged communities\u2014can earn your business a tax break.\u00a0<\/li>\n\n\n\n<li><strong>The Retirement Plan Startup Costs Credit<\/strong>: Thinking about setting up a retirement plan for employees? This credit helps cover administrative costs for establishing 401(k) or similar plans, making it easier for S corps to offer this essential benefit.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_the_Qualified_Business_Income_QBI_deduction\"><\/span><strong>What is the Qualified Business Income (QBI) deduction?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The QBI deduction is an exceptional benefit for S corp owners. You can write off up to 20% of your qualified business income, reducing your <em>taxable<\/em> income in a big way.<\/p>\n\n\n\n<p>Not every business qualifies, though. Eligibility depends on your industry, income level, and whether you offer certain employee benefits. Businesses in professional services (law, accounting, or consulting) typically face stricter rules\u2014especially if income exceeds $182,100 for single filers or $364,200 for joint filers in 2024. The QBI deduction can mean major tax savings if your S corp qualifies, so it\u2019s an advantage you don\u2019t want to overlook.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_is_a_business_bank_account_a_must_for_S_corps\"><\/span><strong>Why is a business bank account a must for S corps?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Operating an S corporation without a <a href=\"https:\/\/www.northone.com\/blog\/business-banking\/how-to-open-a-business-bank-acccount\">dedicated business bank account<\/a> undermines your business\u2019s efficiency and compliance. Don\u2019t make this risky mistake\u2014you could find yourself in legal trouble. Here&#8217;s a breakdown of all the benefits:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Upholds legal and compliance<\/strong>: S corps must maintain distinct financial records to uphold their pass-through tax status and avoid piercing the corporate veil. Without a business bank account, it\u2019s nearly impossible to prove financial separation. Don\u2019t risk potential audits or legal complications.<\/li>\n\n\n\n<li><strong>Enables accurate shareholder distributions<\/strong>: S corps often distribute profits to shareholders in addition to paying salaries. A dedicated account keeps clean tracking of these distributions, preventing mix-ups that could lead to IRS scrutiny or stakeholder disputes.<\/li>\n\n\n\n<li><strong>Simplifies payroll and tax filings<\/strong>: Unlike other business structures, S corp owners must pay themselves a reasonable salary. A business account makes payroll processing seamless, keeping clear records for filing W-2 forms and calculating withheld taxes.<\/li>\n\n\n\n<li><strong>Optimizes deductions<\/strong>: When expenses flow through a business account, claiming deductions for office rent, marketing, or travel becomes straightforward. You won\u2019t miss out on legitimate write-offs because of muddled finances.<\/li>\n\n\n\n<li><strong>Establishes credibility<\/strong>: A business account signals professionalism and legitimacy. Whether you\u2019re securing a loan or negotiating contracts, a dedicated account reinforces your credibility.<\/li>\n<\/ul>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<span class='mb-center maxbutton-3-center'><span class='maxbutton-3-container mb-container'><a class=\"maxbutton-3 maxbutton maxbutton-apply-for-an-account\" title=\"Apply for a North One Account in less than 3 minutes.\" href=\"https:\/\/join.northone.com\/?utm_content=blog_inline\"><span class='mb-text'>Apply for an account<\/span><\/a><\/span><\/span>\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Streamline_your_S_corps_finances_with_North_One\"><\/span><strong>Streamline your S corp\u2019s finances with North One<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Is your business truly working as hard for you as it could? S corps aren\u2019t just a tax designation\u2014they\u2019re a financial strategy. With S corp tax benefits from pass-through taxation to a host of deductions made to keep more of your earnings in your pocket, an S corp sets the stage for long-term growth.<\/p>\n\n\n\n<p>Managing your S corp finances starts with a strong foundation, and that means a dedicated business bank account. North One makes it easy. Because growth isn\u2019t simply about what you earn\u2014it\u2019s about what you keep. <a href=\"https:\/\/login.northone.com\/?mode=signup&amp;return_to=https%3A%2F%2Fjoin.northone.com%2F&amp;flow=07e26d9c-225f-4697-bc0d-898d82a9c186\">Set up your business account with North One<\/a> today and take the first step toward making your S corp work for you.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>You\u2019ve built your business and put in countless hours to get it thriving. But then small business tax season rolls around, and suddenly, you\u2019re reading through rules and deadlines, scrambling&#8230;<\/p>\n","protected":false},"author":1,"featured_media":4605,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[137],"tags":[],"class_list":["post-4583","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-taxes"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>S Corp Taxes Guide for the 2024 Tax Year - North One Blog<\/title>\n<meta name=\"description\" content=\"Simplify your S Corp taxes with insights into rates, deductions, and filing requirements to help you stay compliant and save on taxes.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.northone.com\/blog\/taxes\/s-corp-taxes\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"S Corp Taxes Guide for the 2024 Tax Year - North One Blog\" \/>\n<meta property=\"og:description\" content=\"Simplify your S Corp taxes with insights into rates, deductions, and filing requirements to help you stay compliant and save on taxes.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.northone.com\/blog\/taxes\/s-corp-taxes\" \/>\n<meta property=\"og:site_name\" content=\"North One Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/northonebanking\/\" \/>\n<meta property=\"article:published_time\" content=\"2025-01-21T16:10:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-20T20:20:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.northone.com\/blog\/wp-content\/uploads\/2025\/01\/S-Corp-Taxes_-Guide-for-the-2024-Tax-Year.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"863\" \/>\n\t<meta property=\"og:image:height\" content=\"558\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Eytan Bensoussan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@NorthOneApp\" \/>\n<meta name=\"twitter:site\" content=\"@NorthOneApp\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Eytan Bensoussan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/taxes\\\/s-corp-taxes#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/taxes\\\/s-corp-taxes\"},\"author\":{\"name\":\"Eytan Bensoussan\",\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/#\\\/schema\\\/person\\\/1f56df6a45f6591303799c10338998f3\"},\"headline\":\"S Corp Taxes Guide for the 2024 Tax Year\",\"datePublished\":\"2025-01-21T16:10:34+00:00\",\"dateModified\":\"2025-02-20T20:20:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/taxes\\\/s-corp-taxes\"},\"wordCount\":1527,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/taxes\\\/s-corp-taxes#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/wp-content\\\/uploads\\\/2025\\\/01\\\/S-Corp-Taxes_-Guide-for-the-2024-Tax-Year.jpg\",\"articleSection\":[\"Taxes\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.northone.com\\\/blog\\\/taxes\\\/s-corp-taxes#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/taxes\\\/s-corp-taxes\",\"url\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/taxes\\\/s-corp-taxes\",\"name\":\"S Corp Taxes Guide for the 2024 Tax Year - 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