Welcome to the TaxGenuity Blog

As a small business owner, you may be able to deduct advertising and marketing expenses that help bring in new customers and keep existing ones. Even better is that these deductions help small businesses save money on their taxes. Here's what you need to know about...

Typically, credit card balances follow a seasonal pattern, increasing significantly in the fourth quarter and coinciding with holiday shopping. This year is no exception; unfortunately, it coincides with higher credit card interest rates. With more people than ever...

Here's what business owners need to know about tax provisions for 2022: Standard Mileage Rates Due to inflation, there were two standard mileage rates in 2022: 62.5 cents per business mile driven (July 1-December 31, 2022) and 58.5 per business mile driven (January...

As we close out the year and get ready for tax season, here's what individuals and families need to know about tax provisions for 2022. Personal Exemptions Personal exemptions are eliminated for tax years 2018 through 2025. Standard Deductions The standard deduction...

While tax season may seem far away, the reality is that there are only two months left in the year. Now is the perfect time to review withholding and estimated tax payments to avoid a surprise tax bill next year. Adjust tax withholding Withholding is the amount of...

To date, the IRS has identified and reported thousands of fraudulent domains tied to multiple text scams, known as smishing, targeting taxpayers. Recently, IRS-themed smishing has increased significantly. As such, taxpayers are reminded to be on the lookout for scams...

Taxpayers are always responsible for the information reported on their tax returns. Businesses are encouraged to be cautious of advertised schemes and direct solicitations promising tax savings that are too good to be true. As such, employers should be wary of third...

After a natural disaster, people often rally to help victims by donating money to charitable organizations that help disaster victims. Unfortunately, this can allow criminals to prey on them by soliciting donations from fake charities. As such, before donating to...

Every year, hurricanes, tornadoes, floods, wildfires, and other natural disasters affect US citizens. The bad news is that recovery efforts after natural disasters can be costly. For instance, when hurricanes strike, they not only cause wind damage but can cause...

IRAs, or Individual Retirement Arrangements, provide tax incentives for people to make investments that can provide financial security for their retirement. To help people better understand this type of retirement savings account, here's a basic overview of terms to...