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

Small Business: Deducting Startup Costs

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

If you’ve recently started a business – or are thinking about starting a business – you should know that as an owner, all eligible costs incurred before you began operating the business are treated as capital expenditures. As such, they are part of...

Tax Breaks for Older Adults and Retirees

by TaxGenuity Tax Experts | Feb 7, 2023 | Tax Advice

Everyone wants to save money on their taxes, and retirees and older adults are no exception. If you’re 50 or older, here are six tax tips that could help you do just that. 1. Standard Deduction for Seniors If you and your spouse are 65 or older and do not...

Watch Out for Holiday Gift Card Scams

by TaxGenuity Tax Experts | Feb 2, 2023 | Tax Advice

There’s never an off-season when it comes to scammers and thieves who want to trick people into scamming them out of money, stealing their personal information, or talking them into engaging in questionable behavior with their taxes. While scam attempts...

Do You Need To File a 2022 Tax Return?

by TaxGenuity Tax Experts | Feb 1, 2023 | Tax Advice

Most people file a tax return because they have to, but even if you don’t, you might be eligible for a tax refund and not know it. The tax tips below should help determine whether you must file a tax return this year. General Filing Rules Whether you need to...

Tax Credit for Hiring Long-term Unemployed Workers

by TaxGenuity Tax Experts | Jan 30, 2023 | Tax Advice

With many businesses facing a tight job market, employers should know about a valuable tax credit available to them for hiring long-term unemployment recipients and other groups of workers facing significant barriers to employment. If your business is hiring right...

Reporting of $600 Third-party Payments Delayed

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

Due to concerns regarding the implementation timeline, reporting thresholds for third-party settlement organizations that were set to take effect on January 1, 2023, has been delayed. As such, third-party settlement organizations will not be required to report the tax...

Standard Mileage Rates for 2023

by TaxGenuity Tax Experts | Jan 21, 2023 | Tax Advice

Beginning on January 1, 2023, the standard mileage rates for the use of a car (also vans, pickups, or panel trucks) will be as follows. These rates apply to electric and hybrid-electric automobiles and gasoline and diesel-powered vehicles. 65.5 cents per mile driven...