You can take advantage of many of the same benefits that employees of larger corporations get, simply by making sure you take the appropriate amount of payroll.
Health/Dental/Vision Insurance
While not increasing your overall tax savings by much due to the limited costs associated with this type of benefit, you can unlock corporate-level health plans with your S-Corporation, which can be fully deductible on your business taxes as expenses. You still have to include those costs as compensation on your W2 (they are taxable for federal income taxes), but you will realize some savings and additional features by running the health plan through the business. This can cover your family as well, just like with corporate-level employment.
Retirement Plans
One of the goals you should have as a business owner is to save for your future retirement. Whether matching contributions to your SEP IRA up to 25% of your wages or leveraging the extended employer contributions enabled by a 401k plan, the retirement plan benefits is by far the greatest benefit that you can get as the officer of an S-Corp.
Because you are drawing a salary through your business as an S-Corp owner, you have the distinct advantage of being both the employer and the employee. With the right account set up, you may maximize overall contributions.
Your customer success team at Formations can go over all the options with you and help you choose the account structure that will allow you to maximize your retirement savings and Tax Savings.
Click here for detailed information on the various retirement account plans:
https://formationscorp.com/retirement-account-options-for-the-s-corp-owner/