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

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...

Make 2023 Annual Exclusion Gifts by Dec. 31

by TaxGenuity Tax Experts | Dec 28, 2023 | Tax Advice

One of the most effective estate-tax-saving techniques is also one of the simplest: making use of the gift tax annual exclusion. It allows you to give to an unlimited number of family or friends cash or property valued up to a “specified” amount each year without...

Businesses Can Save Taxes by Acquiring and Placing Assets in Service by Year End

by TaxGenuity Tax Experts | Dec 23, 2023 | Tax Advice

Under Section 179 of the Internal Revenue Code, companies can “expense” the full cost of qualifying fixed assets to reduce their taxable income. This means they can deduct the purchase amount currently rather than having to depreciate the asset over many years. Both...

3 Strategies for Estimated Tax Payments

by TaxGenuity Tax Experts | Dec 18, 2023 | Tax Advice

Many individuals today are self-employed or generate income from interest, rent, dividends and other sources. If you’re in this situation, you could be risking penalties if you don’t pay enough taxes during the year through estimated tax payments and...