Business Income

The best way to survive an IRS audit is to prepare

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

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 / Douglas Freeman

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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