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

Deductions vs. Credits: What’s the Difference?

by TaxGenuity Tax Experts | Mar 16, 2024 | Tax Advice

One of the most common misunderstandings about filing an income tax return is the difference between deductions and credits. Deductions reduce the amount of a taxpayer’s income before tax is calculated. For example, on your individual return, you can either take...

There May Still Be Time to Lower Your 2023 Tax Bill

by TaxGenuity Tax Experts | Feb 23, 2024 | Tax Advice

If you’re preparing to file your 2023 tax return, you may still be able to lower your tax bill – or increase your refund. If you qualify, you can make a deductible contribution to a traditional IRA right up until the original filing deadline, April 15,...

Tracking Down Donation Substantiation

by TaxGenuity Tax Experts | Feb 19, 2024 | Tax Advice

If you’re like many Americans, your mailbox may have been filling up in recent weeks with letters from your favorite charities acknowledging your 2023 donations. But what happens if you haven’t received such a letter for a contribution? Can you still claim...

How to Secure a Tax Benefit with the QBI Deduction

by TaxGenuity Tax Experts | Feb 16, 2024 | Tax Advice

QBI may sound like the name of a TV quiz show. But it’s actually the acronym for “qualified business income,” which can trigger a tax deduction for some small business owners or self-employed individuals. The QBI deduction was authorized by the Tax...

Traveling for Business in 2024? What’s Deductible?

by TaxGenuity Tax Experts | Feb 12, 2024 | Tax Advice

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

by TaxGenuity Tax Experts | Jan 26, 2024 | Tax Advice

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?

by TaxGenuity Tax Experts | Jan 22, 2024 | Tax Advice

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...