For Corporations only

• Bonus payable: It is your income next year but corporation’s expense this year if implemented properly. This powerful TSP is mostly useful to corporations with fiscal year end between July 1 and December 31.
• Corporate funds withdrawals -tax effective: To take funds out of your corporation use tax effective ways like dividends, non taxable-capital dividends and return of capital.
• Corporate funds withdrawals -tax free: Take funds from your corporation & pay no tax: Usually you must pay personal taxes on any funds you take out of your corporation. You may not have to pay this tax if funds are taken for certain special purposes. Proper audit trails must be set up for the transactions necessary for these tax savings. If this strategy is applicable to your situation, you may save tens of thousands of dollars.
• Corporate tax installments: Reduce payments if you think this year’s income may be less than last year’s.
• Corporate tax installment-yearly final: Pay this within 90 days of the year end to avoid penalties and interest.
• Management Company: Consider your spouse set up a corporation to provide management and administrative services to your business. Thus a part of your income gets transferred to your spouse thereby reducing family’s taxes.
• Occupancy cost: Recover some of your home expenses by charging the corporation for using—for its office—a part of your home.
• Retain earnings in corporation: If your corporation made much more income than you need for your personal expenses, defer receiving compensation—especially if you are in high tax bracket.
• Salary/dividend integration: Compensate members of the family for their services with a mix of salary and dividend to minimize taxes.
• Small business deduction (SBD): You can save up to $85,000 yearly income tax as long as your corporate taxable income (TI) stays under $500,000. To defer losing SBD when you are about to exceed the TI limit, consider paying interest on the shareholder loans to the corporation and paying—or even just declaring—bonus. As your TI is approaching the limit, you should keep increasing your knowledge of this, big TSP.  
•  Small business shares-sale of: Learn more and more about the necessary conditions to procure up to $750,000 capital gains exemption—a powerful TSP.