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

New Depreciation Deduction Benefits Business

by TaxGenuity Tax Experts | Dec 26, 2018 | Tax Advice

Tax reform legislation passed in December 2017 included numerous changes that affect businesses this year. One of them allows businesses to write off most depreciable business assets in the year they place them in service. Here are five facts to help businesses better...

Take Retirement Plan Distributions by December 31

by TaxGenuity Tax Experts | Dec 24, 2018 | Tax Advice

Taxpayers born before July 1, 1948, generally must receive payments from their individual retirement arrangements (IRAs) and workplace retirement plans by December 31. Known as required minimum distributions (RMDs), typically these distributions must be made by the...

Depreciating Farming Business Property

by TaxGenuity Tax Experts | Dec 22, 2018 | Tax Advice

Farmers and ranchers should be aware of changes in how they depreciate their farming business property. These changes took effect in 2018 as a result of tax reform legislation passed in December 2017. Depreciation is an annual income tax deduction that allows a...

Retirement Contributions Limits Announced for 2019

by TaxGenuity Tax Experts | Dec 19, 2018 | Tax Advice

Dollar limitations for pension plans and other retirement-related items for 2019 are as follows: In general, income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth...

Eight Tax Breaks for Parents

by TaxGenuity Tax Experts | Dec 16, 2018 | Tax Advice

If you have children, you may be able to reduce your tax bill using these tax credits and deductions. Child Tax Credit: You may be able to take this credit on your tax return for each of your children under age 17. Qualifying dependents must have a valid Social...

Avoid these Five Common Budgeting Error$

by TaxGenuity Tax Experts | Dec 13, 2018 | Tax Advice

When it comes to creating a budget, it’s essential to estimate your spending as realistically as possible. Here are five budget-related errors commonly made by small businesses and some tips for avoiding them. Not Setting Goals. It’s almost impossible to...

Recap of Business Tax Provisions for 2018

by TaxGenuity Tax Experts | Dec 10, 2018 | Tax Advice

Here’s what business owners need to know about tax changes for 2018. Standard Mileage Rates The standard mileage rate in 2018 is 54.5 cents per business mile driven. Health Care Tax Credit for Small Businesses Small business employers who pay at least half the...