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Inc. Yourself, 11th Edition: How to Profit by Setting Up Your Own Corporation by Judith H. McQuown

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17Long-Term Planning for Yourself and Your Heirs

In the daily running of your corporation, it’s easy to overlook the big picture: where you want to be five, 10, or more years from now, and how to pass your corporation on to your heirs. Let’s start with you.

Deferred Compensation

Incorporation offers a valuable feature that is not available to sole proprietors. Deferred compensation defers current income (and income taxes) and provides future benefits. It can fund your retirement, provide security for the future, and even designate your choice of beneficiary. The key difference between this form of deferred compensation and the deferred compensation in a 401(k) plan (see pages 186187) is that there is no limit to the amount of salary you can ...

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