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

Follow IRS Rules to Nail Down a Charitable Tax Deduction

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

Donating cash and property to your favorite charity is beneficial to the charity, but also to you in the form of a tax deduction if you itemize. However, to be deductible, your donation must meet certain IRS criteria. First, the charity you’re donating to must...

Do You Sell Products? How QuickBooks Can Help You Track Them

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

New Per Diem Rates for Business Travel The IRS has announced the per diem rates for ordinary and necessary business travel expenses in fiscal year 2023-24: When using the high-low substantiation method, the rate for travel to high-cost localities is $309 per day and...

One-Time Thing: IRA to HSA transfer

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

Did you know that you can transfer funds directly from your IRA to a Health Savings Account (HSA) without taxes or penalties? Under current law, you’re permitted to make one such “qualified HSA funding distribution” during your lifetime. Typically, if you have...

Is Disability Income Taxable?

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

If you may be eligible for disability income should you become disabled, it’s important to know whether that income will be taxable. As is often the case with tax questions, the answer is “it depends.” Key Factor The key factor is who paid it. If your employer...

How To Be Ready To Secure a Business Bad Debt Deduction on Your 2023 Tax Return

by TaxGenuity Tax Experts | Nov 3, 2023 | Tax Advice

Is your business having trouble collecting payments from clients or vendors? You might be able to claim a bad debt deduction on your tax return. But if you hope to take the deduction on your 2023 return, you’ll have to get busy, because you must be able to show...

Tax Treatment of Cryptocurrency

by TaxGenuity Tax Experts | Oct 29, 2023 | Tax Advice

Questions surrounding the tax treatment of cryptocurrency are complex. According to recent IRS Revenue Ruling 2023-14, the process of verifying ownership of cryptocurrency is called “ staking.” And when a taxpayer has successfully staked his or her units of...

What Exactly Is a “Small Business”?

by TaxGenuity Tax Experts | Oct 24, 2023 | Tax Advice

Although your business may seem big to you, you may wonder how the government classifies it. A recent report by the Joint Committee on Taxation, a nonpartisan committee of the U.S. Congress, discusses what a “small business” is for tax purposes. As the report states,...