Books For Tax Season;

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PAUL YURACHEK, CPA, former Internal Revenue Service agent, now a financial planner (Washington, D.C.):

"Read Tax Planning for Highly Compensated Individuals, by Robert Madden (Warren, Gorham & Lamont, 1983, with a 1987 supplement). This book is the best for owners of closely held companies. It tells you how what you do at the corporate level affects your own tax returns, and vice versa. But if there's one piece of advice I'd offer from my days at the IRS, it's that people who own their own companies shouldn't be doing their own tax returns; they are sitting ducks when it comes to audits. Read this book, get some ideas, then discuss them with your tax preparer."

ROSS LEVIN, certified financial planner (Minneapolis):

"I'd recommend two books. The first is Taxation of Executive Compensation, by Harvey L. Frutkin, (Matthew Bender & Co.), which discusses issues relevant to business owners, such as how to take compensation, how to treat perks (company cars, for example), and when to use benefits such as stock options. Next is Tax Planning for Corporations and Shareholders, by Zolman Cavitch (Matthew Bender & Co.). This one teaches you how to use your corporation for personal financial planning. Included in the purchase prices of both books is one year of periodic updates."

JEFF A. SCHNEPPER, professor of accounting, finance, and taxation, American College (Bryn Mawr, Pa.):

"I'd go with The Arthur Young Tax Guide 1988 (Baloantine Books). It's comprehensive and well done; it reprints all the tax forms and gives suggestions on how to deal with each item. More important, it covers tax planning. It's getting too late to do anything about your '87 return, but you should read this book and start planning for 1988."