General tax deductions for S Corp

[Mario Lopez]

I've setup an S Corp for my business and am wondering you can help me identify what tax deductions I should assume at the employer/corporate level? 

FICA, State Income Tax. Is there anything else that I should account for?

[Michael Plaks]

@Mario Lopez

The answers were mostly about whether to create an S-corp and what are its potential benefits. 

But I think your question was which expenses should be paid by your corporation, as opposed to by you personally. Here is a good way to think about it. Imagine you have an employee. She comes to you and says: boss, I paid $99 for a real estate class, will you reimburse me? If you'd answer yes to such question, then it means that business-related training should be considered a business expense and be paid by the corporation.

Now, the same employee comes to you and says: boss, I signed up for yoga classes and I want you to pay for them because, you know, I'm more productive after some yoga. I doubt that you would honor such request. It means that your corporation should not be paying for your own non-business classes. And so on.

Shorter version: if you would agree to pay for it for your employees, then it should be paid by the corporation.

If something has a mixed personal AND business use - cars, home office, cell phone etc. - then it should be paid personally, and then the business portion should be reimbursed by the corporation. This reimbursement system should be set up correctly, otherwise the IRS will not be happy.