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

Get a Jump on Tax Planning

by TaxGenuity Tax Experts | Sep 13, 2024 | Tax Advice

Summer is a good time for some tax planning that could lower your 2024 tax bill. Since the passage of the Tax Cuts and Jobs Act, which increased the standard deduction, fewer people benefit from itemizing deductions. You can use this IRS Interactive Tax Assistant to...

Are You Aware of the Business Credits and Other Tax Benefits Available?

by TaxGenuity Tax Experts | Sep 12, 2024 | Tax Advice

It’s a challenging time for many businesses. Therefore, any help you can get, such as tax incentives and sales tax exemptions, can make a big difference. Unfortunately, these benefits often go unclaimed because businesses don’t know about them or erroneously think...

How to Deduct Business Travel

by TaxGenuity Tax Experts | Aug 28, 2024 | Tax Advice

Before traveling for business, it’s important to know what’s tax deductible. Through 2025, employees aren’t permitted to deduct unreimbursed business expenses, including travel expenses, but self-employed people may deduct business travel expenses on Schedule C....

How to Keep Control Over Inventory

by TaxGenuity Tax Experts | Aug 16, 2024 | Tax Advice

Many businesses need to have some inventory available. But having too much inventory is expensive, not just to purchase but also to store, safeguard and insure. So, keeping your inventory as lean as possible is critical. Here are some ways to trim the fat from your...

A Tax Break for Educators

by TaxGenuity Tax Experts | Aug 12, 2024 | Tax Advice

Teachers who are getting ready for a new school year often pay for some of their classroom supplies out-of-pocket. They may be able to get some of that cost back by taking advantage of a special tax break for educators. History of the Deduction Before 2018, employees...

Tax Considerations When Choosing a Business Entity

by TaxGenuity Tax Experts | Aug 9, 2024 | Tax Advice

Are you in the process of starting a business or contemplating changing your business entity? If so, you’ll need to decide how to organize your company. Should you operate as a C corporation or as a pass-through entity such as a partnership, limited liability company...

Valuable Tax Credit Available for Energy-Efficient Homes

by TaxGenuity Tax Experts | Jul 31, 2024 | Tax Advice

Under the Inflation Reduction Act, construction contractors who build or rehab energy-efficient homes may be eligible for a federal tax credit of up to $5,000 per project. To claim the credit, builders are required to construct or substantially rehab a qualified home...