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Tax and Financial Planning for the Closely Held Family Business

Gary A. Zwick and James J. Jurinski

Tax and Financial Planning for the Closely Held Family Business serves as a manual to help business advisers devise strategies for clients dealing with family issues. Guiding family businesses through the complex maze of organizational, tax, financial, governance, estate planning, and personal family issues is a complex, time-consuming, difficult, and sometimes emotional process. This book focuses not only on identifying the problems family businesses face, but on devising solutions and planning opportunities for both family businesses and their owners. Each chapter of this book contains creative planning opportunities that advisers can suggest and help implement in order to solve real problems in the family business.
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Chapter 5: CREATIVE COMPENSATION TECHNIQUES FOR FAMILY BUSINESSES

Gary A. Zwick and James J. Jurinski

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Family businesses are different than other businesses. The primary difference is that family members are on payroll and their compensation often does not reflect the market for similarly situated employees. Not only are the amounts different but because of their relationships to owners and in some cases having ownership themselves, there is a great deal more flex available to family members working in the business to structure compensation for the greatest tax benefit. This chapter goes through compensation strategies such as ways to reduce payroll taxes, deferrals, using stock options and restricted stock, non-qualified deferred compensation and when to use it and using some anomalies in the law to the advantage of the family and the family member.

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