A Wealth of Choices
There's more than one way to get money out of your business. The trick is to avoid an IRS audit. Among them:
BONUSES: Set up written criteria for awarding a bonus. Make sure the sum isn't unreasonably large to avoid a tax penalty.
LOANS: You can borrow from your company, so long as you're charged market rates and terms. Otherwise, you could be taxed.
FRINGE BENEFITS: Allowable goodies include company-paid medical, dental, disability, legal, and group life coverage, dependent care and education assistance, and company cars.
DATA: smallbiz.businessweek.COM.
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