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

Bonus Depreciation Gets a Reprieve

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

First-year bonus depreciation had been phasing down 20 percentage points annually since 2023 and was set to drop to 0% in 2027. Businesses have been eager to learn the fate of this popular depreciation-related tax break. The good news is that the One, Big, Beautiful...

There’s No Advantage to Last-Minute Tax Return Filing

by TaxGenuity Tax Experts | Aug 27, 2025 | Tax Advice

If you requested an extension to file your tax return after the April 15, 2025, due date, the extended deadline is Wednesday, Oct. 15. If you have the information you need, consider filing now. There’s no advantage to waiting, and last-minute filing may lead to stress...

Timing a Roth IRA Conversion

by TaxGenuity Tax Experts | Aug 25, 2025 | Tax Advice

Now might be a good time for some taxpayers to convert their traditional IRA to a Roth IRA. Traditional IRA withdrawals are taxed and, if taken early, may be subject to penalties. Also, required minimum distributions (RMDs) must be taken starting at age 73 (or 75 if...

The Quirky Math of Partnership Income

by TaxGenuity Tax Experts | Aug 22, 2025 | Tax Advice

When it comes to taxation, partners in a business may find the math a bit puzzling. You may discover that the amount of partnership income you’re taxed on is more than the amount that was distributed to you. That’s a quirk of taxation that lies in the way partnerships...

Closing a Business? Here’s How to Stay on Top of Your Tax Duties

by TaxGenuity Tax Experts | Aug 12, 2025 | Tax Advice

Businesses close for various reasons. Perhaps you’re ready to embark on a welcome change such as retirement or launching a new venture. Or maybe it just no longer makes financial sense to continue operating your current business. Whatever the reason, closing your...

10 Small Business Tax Tips from the IRS

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

To help ensure small businesses take advantage of all potential tax breaks, the IRS Taxpayer Advocate Service (TAS) summarizes the types of tax you may owe and provides a list of 10 federal tax tips. Among the tips are to separate your business and personal finances,...

What Could Happen if You Don’t File a Required Tax Return?

by TaxGenuity Tax Experts | Aug 10, 2025 | Tax Advice

Taxpayers who are required to file a federal tax return but don’t may be in for a costly surprise. If the IRS receives a document like a Form W-2 indicating taxable income, it may file a Substitute for Return (SFR) on your behalf. Before doing so, the IRS typically...