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

What’s Your Business Exit Strategy?

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

Ever since you became a business owner, you’ve focused on growing revenue, managing expenses and leveraging tax advantages. But don’t overlook a critical element of your long-term financial well-being, that is, a business exit strategy. Ideally, your exit strategy...

Choosing the Optimal Accounting Method for Tax Savings

by TaxGenuity Tax Experts | Jul 26, 2025 | Tax Advice

The accounting method your business uses to report income for tax purposes, either cash or accrual, can significantly impact your tax bill. While the cash method can offer tax-saving opportunities, the accrual method may in some cases be more appropriate or even...

Stuck in the Middle: The Sandwich Generation

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

The term “sandwich generation” was coined to describe baby boomers caught between caring for their aging parents and their children. Today, it most commonly applies to Generation Xers and older Millennials. If you’re caught in the middle, it might be time for honest...

Prepare for Resilience with a Business Continuity Plan

by TaxGenuity Tax Experts | Apr 28, 2025 | Tax Advice

Companies without a disaster recovery or business continuity plan need only consider the aftermath of recent hurricanes. News reports estimated property damages from Hurricane Helene alone last year to be more than $59.6 billion, plus disruption of untold businesses...

Your Business Tax Information at Your Fingertips

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

The IRS Business Tax Account provides information to sole proprietors, partners of partnerships, and shareholders of S corporations and C corporations. Eligible business taxpayers who set up an account can use the hub to make electronic payments, schedule or cancel...

Don’t Believe the Myths

by TaxGenuity Tax Experts | Apr 21, 2025 | Tax Advice

The IRS has posted a list of common refund myths on its website. For example, if the online Where’s My Refund tool or automated hotline doesn’t specify when a refund will be approved, there’s no point in calling the IRS. The tax agency won’t have additional details...

The Tax Side of Gambling

by TaxGenuity Tax Experts | Apr 14, 2025 | Tax Advice

Whether you’re a casual or professional gambler, your winnings are taxable. However, the Treasury Inspector General for Tax Administration reports that gambling income is vastly underreported. Failing to report winnings accurately can lead to back taxes, interest and...