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Business Income

Self-employed? Don’t overlook valuable tax deductions

Leave a Comment / Education Tax Breaks, Federal Income Tax, Home Office Deduction, Independent Contractors, Self Employed, Self Employment Tax, Small Business, Small Business Owners, Small Business Tax Tips, Small Business Tips, Sole Proprietors, Tax Deduction, Tax-Deductible Business Expenses /

If you’re self-employed, you probably have questions about deducting business expenses on your federal income tax return. Here’s a quick overview of the filing requirements for sole proprietors and independent contractors, and five examples of expense deductions that are commonly overlooked or misunderstood. Filing basics Sole proprietors and independent contractors must report their business activity […]

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The best way to survive an IRS audit is to prepare

AGI (Adjustable Gross Income), Doucment Retention, IRS Audit, Tax Record Retention, Tax Return /

The IRS recently released its audit statistics for the 2022 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage of returns are being chosen for audits these days, that will be little consolation if yours is one of them. Recent statistics. Overall, just 0.49%

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An FLP can save tax in a family business succession

FLP (Family Limited Partnership), Gift Tax, Small Business, Tax Cuts and Job Acts (TCJA), Tax Planning, Tax Savings /

One of the biggest concerns for family business owners is succession planning — transferring ownership and control of the company to the next generation. Often, the best time tax-wise to start transferring ownership is long before the owner is ready to give up control of the business. A family limited partnership (FLP) can help owners

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