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

Standard Mileage Rates for 2020

by TaxGenuity Tax Experts | Jan 12, 2020 | Tax Advice

Starting January 1, 2020, the standard mileage rates for the use of a car, van, pickup or panel truck are as follows: 57.5 cents per mile driven for business use, down one half of a cent from the rate for 2019 17 cents per mile driven for medical or moving purposes,...

Starting a Home-Based Business

by TaxGenuity Tax Experts | Jan 9, 2020 | Tax Advice

More than half of all businesses today are home-based. Every day, people are striking out and achieving economic and creative independence by turning their skills into dollars. Garages, basements, and attics are being transformed into the corporate headquarters of the...

Important Tax Changes for Individuals and Businesses

by TaxGenuity Tax Experts | Jan 3, 2020 | Tax Advice

Every year, it’s a sure bet that there will be changes to current tax law and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here’s a checklist of tax changes to help you plan the year ahead....

Retirement Contributions Limits Announced for 2020

by TaxGenuity Tax Experts | Dec 31, 2019 | Tax Advice

Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for 2020 are as follows: 401(k), 403(b), 457 plans, and Thrift Savings Plan. Contribution limits for employees who participate in 401(k), 403(b), most 457...

Deferred Tax on Gains From Forced Sales of Livestock

by TaxGenuity Tax Experts | Dec 28, 2019 | Tax Advice

Farmers and ranchers who were forced to sell livestock due to drought may get extra time to replace the livestock and defer tax on any gains from the forced sales. Here are some facts about this to help farmers understand how the deferral works and if they are...

Employer Benefits of Using the EFTPS

by TaxGenuity Tax Experts | Dec 26, 2019 | Tax Advice

Small business owners who are also employers should remember that the Electronic Federal Tax Payment System (EFTPS) has features that make it easier to meet their tax obligations – whether they prepare and submit payroll taxes themselves or hire an outside...

Updated Rules: Deductible Business & Other Expenses

by TaxGenuity Tax Experts | Dec 25, 2019 | Tax Advice

Taxpayers using optional standard mileage rates in computing the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes should be aware of an updated set of rules. The updated rules reflect changes to certain...