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

Business Mileage Rate Is Up for 2025

by TaxGenuity Tax Experts | Jan 31, 2025 | Tax Advice

The IRS has issued the 2025 cents-per-mile rates that can be used to calculate tax-deductible vehicle operating costs. Effective Jan. 1, 2025, the standard mileage rate for the business use of a car, van, pickup truck or panel truck is 70 cents per mile. This is up...

A Better Way to Help with Tuition

by TaxGenuity Tax Experts | Jan 29, 2025 | Tax Advice

Another year is here, and that comes with a new school semester and tuition bills for many people. If you’re considering helping a grandchild or other loved one with their college expenses, first take time to review the tax implications. If the total amount you give...

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...