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

2024 vehicle mileage rates

by TaxGenuity Tax Experts | Jan 26, 2024 | Tax Advice

The IRS has issued the 2024 optional cents-per-mile rates used to calculate the tax-deductible costs of operating a vehicle: Effective Jan. 1, 2024, the standard mileage rate for the business use of a car (including vans, pickups, and panel trucks) is 67 cents per...

Did You Get Married in 2023?

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

Your filing status options for your 2023 income tax return depend on your marital status on Dec. 31. The married-filing-jointly status is typically the most beneficial way for married taxpayers to file, but it’s a good idea to take a “what-if” look...

One Reason to File Your 2023 Tax Return Early

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

The 2023 individual income tax return filing season will open soon. Even if you typically don’t file until much closer to the April 15 deadline (or you file for an extension), consider filing earlier this year. Why? You may be able to protect yourself from tax...

Appraisals Aren’t Just for Businesses

by TaxGenuity Tax Experts | Jan 15, 2024 | Tax Advice

Whether you’re in the process of making a retirement or estate plan or you intend to donate property to charity, you’ll need to know the value of your assets. For many hard-to-value items, such as closely held business interests, real estate, art and...

The Advantages of LLC Structure for a Small Business

by TaxGenuity Tax Experts | Jan 12, 2024 | Tax Advice

If you operate your small business as a sole proprietorship, you may have thought about forming a limited liability company (LLC) to protect your assets. Or maybe you’re launching a new business and want to know the options for setting it up. Here are the basics...

Sec. 179 Expensing and Bonus Depreciation: Beware of Pitfalls

by TaxGenuity Tax Experts | Jan 8, 2024 | Tax Advice

If eligible, you can elect to use Section 179 expensing or bonus depreciation to deduct a large portion of the cost (and in some cases the full cost) of eligible property in the year it’s placed in service. Alternatively, you may follow regular depreciation...

Use the Tax Code to Make Business Losses Less Painful

by TaxGenuity Tax Experts | Jan 5, 2024 | Tax Advice

Whether you’re operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by allowing businesses to apply losses to offset taxable income in future years, subject to certain limitations. Qualifying for a...