Welcome to the TaxGenuity Blog
Traveling for Business in 2024? What’s Deductible?
If you and your employees will be traveling for business this year, there are many factors to keep in mind. Under the tax law, certain requirements for out-of-town business travel within the United States must be met before you can claim a deduction. The rules apply...
2024 vehicle mileage rates
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?
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 at the married...
One Reason to File Your 2023 Tax Return Early
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
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 collectibles, an...
The Advantages of LLC Structure for a Small Business
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 of...
Sec. 179 Expensing and Bonus Depreciation: Beware of Pitfalls
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 rules and...
Use the Tax Code to Make Business Losses Less Painful
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
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
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...