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

The Tax Side of Gambling

by TaxGenuity Tax Experts | Apr 14, 2025 | Tax Advice

Whether you’re a casual or professional gambler, your winnings are taxable. However, the Treasury Inspector General for Tax Administration reports that gambling income is vastly underreported. Failing to report winnings accurately can lead to back taxes, interest and...

Payroll Fraud Threats Inside and Outside Your Company

by TaxGenuity Tax Experts | Apr 11, 2025 | Tax Advice

Payroll fraud schemes can be costly. According to a 2024 Association of Certified Fraud Examiners (ACFE) study, the median loss generated by payroll fraud incidents is $50,000. It’s essential to know the payroll schemes making the rounds and how to prevent them or at...

Tax Season Cleanup: Which Records Can You Toss?

by TaxGenuity Tax Experts | Apr 6, 2025 | Tax Advice

If you’ve filed your 2024 tax return, you may be eager to do some spring cleaning, starting with tax-related paper and digital clutter. The documentation needed to support a tax return may include receipts, bank and investment account statements, K-1s, W-2s, and...

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...