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

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...

Don’t Miss This Important Deadline

by TaxGenuity Tax Experts | Dec 19, 2024 | Tax Advice

If you’re subject to required minimum distributions (RMDs), you must take your 2024 RMD by Dec. 31 to avoid penalties. RMDs are mandatory withdrawals from retirement plans such as 401(k)s, IRAs, SIMPLE IRAs and SEPs. Roth accounts aren’t subject to RMDs during the...

The U.S. Election Outcome Likely to Have Major Impact on Taxes

by TaxGenuity Tax Experts | Dec 18, 2024 | Tax Advice

Having won control of the White House, the Senate and the House of Representatives, Republicans will have the opportunity to move forward their vision for federal taxes. What might this mean? First, many provisions in President-Elect Donald Trump’s signature tax...

Recovering Lost Documents and Receiving Tax Relief After a Natural Disaster

by TaxGenuity Tax Experts | Nov 29, 2024 | Tax Advice

It’s common for individual and business taxpayers to lose financial records during a natural disaster. Unfortunately, you usually need such records to document losses for your insurance company and to qualify for federal assistance. But if you visit the IRS website...

Use It or Lose It: Your 2024 Gift Tax Annual Exclusion

by TaxGenuity Tax Experts | Nov 25, 2024 | Tax Advice

As the year winds down, you may want to combine estate planning with tax savings by taking advantage of the gift tax annual exclusion. It allows you to give cash or property up to a specified amount to an unlimited number of family members and friends each year...

Seniors: A Tax-Wise Alternative to Selling Your Appreciated Home

by TaxGenuity Tax Experts | Nov 22, 2024 | Tax Advice

In recent years, the residential real estate market has surged in many areas. That means many homes have greatly appreciated, and the $250,000 home sale gain exclusion ($500,000 for joint filers) isn’t always sufficient to protect a home sale from federal income...

7 Year-End Tax Planning Tips for Individuals

by TaxGenuity Tax Experts | Nov 11, 2024 | Tax Advice

As the holidays approach, it’s time to consider tax planning moves that will help lower your 2024 taxes, as well as set you up for tax savings in future years. Here are seven year-end tax planning ideas to consider. 1. Strategize on the Standard Deduction vs....