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

What Are the Tax Consequences of Employee Gifts?

by TaxGenuity Tax Experts | Dec 19, 2025 | Tax Advice

The holidays are a time for gratitude, and many employers show appreciation by giving gifts to their staff. Different types of gifts can have different tax consequences. So, whether it’s a gift card, a holiday turkey or a year-end bonus, it’s important to know how the...

Last-Minute Tax Strategy: Accelerating Deductions

by TaxGenuity Tax Experts | Dec 17, 2025 | Tax Advice

Have you been claiming the standard deduction the last few years? If so, you may want to rethink that for 2025. The expanded state and local tax (SALT) deduction may cause your total itemized deductions to exceed the standard deduction and itemizing to make sense. In...

Simplify Expense Reporting With High-Low Travel Per Diem Rates

by TaxGenuity Tax Experts | Dec 15, 2025 | Tax Advice

The “high-low” per diem method is a simplified way to reimburse employees who travel for your business compared to tracking actual lodging, meal and incidental expenses. For most areas within the continental United States, the per diem rate for October 1, 2025,...

The Tax Implications of Remote Work

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

Remote work can offer advantages for both employers and employees. But it’s not without challenges, such as unexpected tax consequences. State Tax Issues for Employees Remote work allows employees to live in one state and work for an employer in another, which can...

NOL Deductions Can Ease the Pain of Business Losses

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

For income tax purposes, a business loss generally occurs when a business’s deductions for the year exceed its revenue. Any business, whether new or established, can face losses. Fortunately, the net operating loss (NOL) deduction can turn the pain of a loss this year...

How Does the New Tax Deduction for Car Loan Interest Work?

by TaxGenuity Tax Experts | Dec 8, 2025 | Tax Advice

Generally, except for home mortgage interest, personal interest expense isn’t deductible for federal income tax purposes. With the passage of the legislation commonly known as the One Big Beautiful Bill Act (OBBBA), another exception has been added. That is, you might...

Throwing a Party for Your Workforce? Know the Tax Rules

by TaxGenuity Tax Experts | Dec 5, 2025 | Tax Advice

The holiday season is here once again, and for some workplaces, that means holiday parties. Although the rules for deducting business entertainment expenses changed several years ago, you may still qualify for some holiday party write-offs for this year, possibly even...