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

Married Filing Separately: When It May Make Sense

by TaxGenuity Tax Experts | Jan 27, 2025 | Tax Advice

Filing joint tax returns generally results in the lowest tax bill for married couples. However, in some circumstances, they may pay less taxes if they file separately, such as when one spouse has large medical expenses. Medical expenses are deductible only to the...

4 Key Tax Questions About 2025 Taxes

by TaxGenuity Tax Experts | Jan 25, 2025 | Tax Advice

Right now, you may be more focused on what you’ll owe (or receive as a refund) when you file your 2024 tax return in April than on tax planning for the new year. However, as you work through your annual tax filing, you should familiarize yourself with amounts that may...

Unlocking the Potential Benefits of ESOPs

by TaxGenuity Tax Experts | Jan 21, 2025 | Tax Advice

Wouldn’t it be great if your employees worked as if they owned part of the company? An employee stock ownership plan (ESOP) could make that a reality. Under an ESOP, employee participants gain partial ownership of the business through a retirement savings arrangement....

Not Every Disaster Allows for a Casualty Loss Tax Deduction

by TaxGenuity Tax Experts | Dec 27, 2024 | Tax Advice

Many Americans have become victims of natural disasters in 2024. Wherever you live, unexpected disasters may cause damage to your home or personal property, creating a “personal casualty loss.” This is defined as damage from a sudden, unexpected or unusual event, such...

Feeling Charitable? Be Sure You Can Substantiate Your Gifts

by TaxGenuity Tax Experts | Dec 23, 2024 | Tax Advice

As the end of the year approaches, many people give more thought to supporting charities they favor. To avoid losing valuable charitable deductions if you itemize, you’ll need specific documentation, depending on the type and size of your gift. Here’s a breakdown of...

Business Gifts: What’s the Tax Treatment?

by TaxGenuity Tax Experts | Dec 21, 2024 | Tax Advice

During the holiday giving season, keep the following tax limits in mind. Your business can deduct only up to $25 per person per year for gifts to recipients such as clients and business partners. You can also generally deduct $25 per person per year for employee...

Unlocking Tax Savings: The Benefits of a Cost Segregation Study

by TaxGenuity Tax Experts | Dec 20, 2024 | Tax Advice

A cost segregation study allows a business property owner to accelerate depreciation deductions. That, in turn, enables the owner to reduce current taxable income and increase cash flow. A cost segregation study combines accounting and engineering techniques to...