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...
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...
by TaxGenuity Tax Experts | Dec 7, 2018 | Tax Advice
The Tax Cuts and Jobs Act of 2017 (TCJA) eliminated or modified numerous tax provisions starting in 2018. Here’s what individuals and families need to know as they get ready for tax season. Personal Exemptions Personal exemptions are eliminated for tax years...
by TaxGenuity Tax Experts | Nov 29, 2018 | Tax Advice
FEMA (Federal Emergency Management Agency) has declared a number of counties in Florida, Georgia, North Carolina, South Carolina and Virginia disaster areas due to hurricanes Michael and Florence. Any area declared a major disaster as designated by FEMA qualifies for...
by TaxGenuity Tax Experts | Nov 27, 2018 | 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...
by TaxGenuity Tax Experts | Nov 25, 2018 | Tax Advice
Businesses often need to hire workers on a seasonal or part-time basis. For example, some businesses may need seasonal help for holidays, harvest seasons, commercial fishing, or sporting events. Whether you are getting paid or paying someone else, questions often...
by TaxGenuity Tax Experts | Nov 23, 2018 | Tax Advice
If you gave money or property to someone as a gift, you might owe federal gift tax. Many gifts are not subject to the gift tax, but there are exceptions. Here are eight tips you can use to figure out whether your gift is taxable. 1. Most gifts are not subject to the...
