Clearly, you have specified that your intention is to minimise the C corporation double taxation. That is, you do not wish to have any residual income or profit in the C corporation, at least that is the result you are seeking.
Perhaps, the easiest way to do that is not to take dividends as these are not tax deductible, but to take a salary out of the C corporation to zero out the profits. Don't forget that your C Corporation is subject to the 7.65% share of the employer payroll tax. Thus, you need to take a salary in the following amount as follows from both the Corporation to Zero out the $50,000 profit;
Gross Salary to be taken........$46,447
Payroll Taxes-Employer Share....3,553.
Total Payroll....................... $50,000
Thus, if you take a payroll in the amount of $46,447 your projected payroll taxes at 7.65%, would result in the absolute payroll expenses of $50,000 and that would presumably zero out your taxable income from the C Corporations.
Now, when you file your personal tax return, if you meet certain income requirements you would be able to contribute $5,000 to an IRA and shelter that amount from federal income taxes. This is the simplest approach possible. But, you could maximise tax savings by opening a 401k plan in that you would be able to contribute a considerable amount more than the $5,000 in an IRA.
I would strongly suggest that you consult a pension consultant to determine whether or not you should go with a 401K plan as there are certain requirements and rules that you have to adhere to strictly especially if you have employees. However, if you have no employees, consider opening a UNI-K plan.
The Uni-K Plan is something completely different, it is a 401(k) plan designed specifically for owner-only businesses. This plan is offerred by Pioneer Investments and thanks to changes in the tax laws, even the smallest business can enjoy all the benefits of a big company 401(k) without the expense and complexity.
The UNI-K plan would enable you to potentially contribute up to 25% of your W-2 income towards a retirment savings plan or $12,500 per year!
Thus, in this scenario, you would take a reduced salary, save on payroll taxes on the amount of the contribution made to the 401k Plan as well, and of course save on federal income taxes on the $12,500 as well!! This is best approach assuming you are willing to set up this plan and work with your financial planner or pension consultant!