HOW TO PROFIT AFTER YOU INC. YOURSELF by Judith H. McQuown

HOW TO PROFIT AFTER YOU INC. YOURSELF

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KIRKUS REVIEW

Tax-wise tips for proprietors of relatively prosperous small businesses and professional corporations who don't mind skating on thin ice. Since 1977, when McQuown published Inc. Yourself, Congress has enacted three major and several minor tax laws, all of which affect small business. In this breezy follow-up, she provides an exhaustive run-down on the many ways in which enterprising owners can take full advantage of applicable changes. Her lengthy list of often audacious suggestions ranges from avoiding tax traps (accumulation of excess earnings, for example) through the leasing of personal assets like art or antiques to a going concern of one's own (to secure additional deductions and pull cash out of the business). Covered as well are the new rules governing Subchapter S corporations, the ins and outs of minimizing (or at least deferring) tax liabilities by switching from a calendar to fiscal year, Clifford trusts (with kids as beneficiaries), and the profit that can accrue from putting relatives on the payroll. McQuown hedges her bolder advisories with warnings about the necessity of seeking competent professional counsel. She also includes a wealth of tabular material--notably, state-by-state run-downs showing how best to split corporate income between salary and earnings--plus sample returns that provide by-the-numbers illustrations of key points. For all the caveats and supplementary material, however, this fate-tempting guide is suitable mainly for entrepreneurial sophisticates who understand the risks--and rewards--involved in attempting to finesse the IRS.

Pub Date: Sept. 1st, 1985
Publisher: Warner