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

Seniors May Be Eligible for a New Deduction

by TaxGenuity Tax Experts | Nov 2, 2025 | Tax Advice

For 2025 through 2028, individuals age 65 and older may be able to claim a new senior deduction of up to $6,000, subject to income-based phaseouts. This deduction is available whether or not the taxpayer itemizes. It begins to phase out when modified adjusted gross...

Before a Weather Emergency Closes Your Business, Make a Plan

by TaxGenuity Tax Experts | Nov 1, 2025 | Tax Advice

It’s hurricane season, which is just one of several weather emergencies and other natural disasters companies may face, depending on location. Tornadoes, floods and wildfires also pose serious threats. According to the Federal Emergency Management Agency (FEMA), about...

3 Family-Friendly Tax Benefits in the New Tax Law

by TaxGenuity Tax Experts | Oct 31, 2025 | Tax Advice

The One, Big, Beautiful Bill Act (OBBBA) brings a wide range of tax changes, with several key updates designed to support families. Among the many provisions, here are three with the potential to lower your tax bill. 1. Boosted Child Tax Credit with a New Rule...

The QBI Deduction: Good News for Eligible Business Owners

by TaxGenuity Tax Experts | Oct 30, 2025 | Tax Advice

If you’re a small business owner or you’re self-employed, there’s good news on the tax front. The Section 199A qualified business income (QBI) deduction, a powerful tax-saving opportunity since 2018, was initially set to expire in 2025. But thanks to the recent...

Bonus Depreciation Gets a Reprieve

by TaxGenuity Tax Experts | Aug 29, 2025 | Tax Advice

First-year bonus depreciation had been phasing down 20 percentage points annually since 2023 and was set to drop to 0% in 2027. Businesses have been eager to learn the fate of this popular depreciation-related tax break. The good news is that the One, Big, Beautiful...

There’s No Advantage to Last-Minute Tax Return Filing

by TaxGenuity Tax Experts | Aug 27, 2025 | Tax Advice

If you requested an extension to file your tax return after the April 15, 2025, due date, the extended deadline is Wednesday, Oct. 15. If you have the information you need, consider filing now. There’s no advantage to waiting, and last-minute filing may lead to stress...

Timing a Roth IRA Conversion

by TaxGenuity Tax Experts | Aug 25, 2025 | Tax Advice

Now might be a good time for some taxpayers to convert their traditional IRA to a Roth IRA. Traditional IRA withdrawals are taxed and, if taken early, may be subject to penalties. Also, required minimum distributions (RMDs) must be taken starting at age 73 (or 75 if...