Tax Advice | TaxGenuity, Inc. - Tax Experts & IRS Problem Solvers

Use the Tax Code to Make Business Losses Less Painful

by TaxGenuity Tax Experts | Jan 5, 2024 | Tax Advice

Whether you’re operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by allowing businesses to apply losses to offset taxable income in future years, subject to certain limitations. Qualifying for a...

Make 2023 Annual Exclusion Gifts by Dec. 31

by TaxGenuity Tax Experts | Dec 28, 2023 | Tax Advice

One of the most effective estate-tax-saving techniques is also one of the simplest: making use of the gift tax annual exclusion. It allows you to give to an unlimited number of family or friends cash or property valued up to a “specified” amount each year without...

Businesses Can Save Taxes by Acquiring and Placing Assets in Service by Year End

by TaxGenuity Tax Experts | Dec 23, 2023 | Tax Advice

Under Section 179 of the Internal Revenue Code, companies can “expense” the full cost of qualifying fixed assets to reduce their taxable income. This means they can deduct the purchase amount currently rather than having to depreciate the asset over many years. Both...

3 Strategies for Estimated Tax Payments

by TaxGenuity Tax Experts | Dec 18, 2023 | Tax Advice

Many individuals today are self-employed or generate income from interest, rent, dividends and other sources. If you’re in this situation, you could be risking penalties if you don’t pay enough taxes during the year through estimated tax payments and...

Education Benefits Help Attract and Retain Employees While Saving Taxes

by TaxGenuity Tax Experts | Dec 13, 2023 | Tax Advice

Your business can attract and retain employees by providing education benefits that enable team members to improve their skills and gain additional knowledge, all on a tax-advantaged basis. Here’s a closer look at some education benefits options. Educational...

Self-Directed IRAs Provide Both Flexibility and Risk

by TaxGenuity Tax Experts | Dec 8, 2023 | Tax Advice

Traditional and Roth IRAs can be relatively “safe” retirement-saving vehicles, though, depending on what they’re invested in, they limit your investment choices. For more flexibility in investment choices but also more risk, another option is a self-directed...

Withdrawing ERC Claims

by TaxGenuity Tax Experts | Nov 28, 2023 | Tax Advice

Recently, the IRS halted processing of claims for the Employee Retention Credit (ERC), due to a high volume of fraudulent claims. The moratorium is through at least the end of 2023. ERC claims that were already filed are now subject to longer processing, including...