This blog explains the key difference between tax planning and tax preparation and why small business owners need both in 2025. Tax preparation focuses on compliance and filing after the year is over, while tax planning is a proactive year-round strategy to reduce taxes, stay compliant, and improve cash flow. With the IRS using advanced AI tools, new time-sensitive tax credits, shifting state tax rules, and the importance of accurate quarterly estimates, planning has become essential. The blog shows how Genovations Accounting helps businesses project taxes, implement savings strategies, optimize entity structure, and adjust plans as laws or business conditions change. The message: Don’t just file taxes use strategic planning to save money and grow smarter.

Payroll tax compliance in 2025 is no longer just a routine task, it’s essential protection for your business. With rising IRS audits, multi-state employee regulations, and stricter digital reporting rules, even small mistakes can lead to costly penalties. Common challenges include worker misclassification, multi-state filings, benefit-related tax errors, and missed credits.

Genovations Accounting helps businesses stay proactive by setting up compliant payroll systems, conducting quarterly reviews, aligning benefits and tax tables, and identifying tax-saving opportunities. The goal: reduce risk, stay compliant, and support smarter business growth.

The IRS’s 2025 mileage rates are 70¢ per mile for business, 21¢ for medical and military moving, and 14¢ for charitable travel. Business owners using personal vehicles for work can claim deductions—but only with accurate, detailed mileage logs. The IRS disallows estimates or rounded numbers and flags inconsistent or excessive claims. Genovations Accounting helps businesses track mileage correctly, choose the right deduction method, and stay compliant—turning everyday driving into real tax savings.

Hiring your first employee is a key milestone that signals business growth and can unlock significant tax benefits. Employers can take advantage of federal credits like the Work Opportunity Tax Credit, deduct wages and payroll taxes, claim Section 179 for equipment, and access state-level incentives. Strategic hiring may also open opportunities for S-Corp status and R&D credits, while freeing your time to focus on growth. With proper planning, your first hire can boost productivity and provide immediate financial advantages, and firms like Genovations Accounting can guide you through the process to maximize savings and compliance.

In late 2025, digital payment trends are reshaping how small businesses serve customers and manage cash flow. Contactless payments, real-time syncing, stronger fraud protection, mobile invoicing, and flexible payment options are now essential for staying competitive. Outdated systems can cost sales and increase risks, while modern tools improve efficiency and customer satisfaction. Genovations Accounting helps businesses integrate smarter payment solutions, protect against fraud, and optimize systems for growth. With tap-to-pay projected to dominate U.S. in-person payments this year, now is the time for small businesses to modernize their payment strategies.

Many business owners discover by mid-year that their QuickBooks files have become disorganized due to the rush of the first two quarters. A mid-year cleanup prevents errors, missed deductions, and year-end stress. This blog highlights why August is the ideal checkpoint and provides practical QuickBooks cleanup tips—such as re-categorizing expenses, reconciling accounts, archiving old vendors, and updating the chart of accounts—so businesses can close the year with accurate records and better financial clarity.

Electing S-Corp status can provide significant tax benefits, including reduced self-employment taxes and pass-through taxation, but it also comes with administrative responsibilities and restrictions. This blog breaks down the pros and cons to help business owners determine if an S-Corp election is the right choice for their financial and growth goals.

Discover the world of unusual tax deductions—some that passed and others that didn’t. From clarinet lessons for dental health to cat food for pest control, this blog explores creative deduction attempts and provides tips on navigating tax laws for unique claims.

QuickBooks is a powerful tool for small businesses, simplifying financial management, enhancing accuracy, and providing real-time insights into cash flow and expenses. Genovations Accounting’s certified QuickBooks ProAdvisors offer tailored setup, seamless integration, and ongoing support to help business owners streamline their finances and stay tax-ready year-round.

Genovations Accounting offers specialized tax services with licensed IRS Enrolled Agents, providing personalized support for clients with complex tax situations. Unlike larger firms, we offer efficient, affordable service with a personal touch, ensuring you receive expert guidance without the high price tag.

Genovations Accounting is proud to partner with the Institute for GOD’s Professional Development (ProDev) Program, providing hands-on accounting experience to students pursuing CPA careers. This collaboration bridges the gap between education and the competitive job market, equipping students with real-world skills…

Tennessee business owners face triple taxation, but with the right strategies, it’s possible to reduce tax burdens and keep more of your hard-earned income.

Unusual tax deductions, like guard dog expenses and cat food for mousing, have mixed success. Research and professional advice ensure your deductions are legitimate—Genovations Accounting can help.

Taylor Klummer, a restaurant broker, emphasizes the importance of clean financial records for accurate valuations and successful sales. He shares his personal experience of selling his own restaurant and becoming a broker. The Podcast discusses the role of brokers in providing guidance to restaurant owners and the benefits of buying existing restaurants…

Filing a tax extension with the IRS allows individuals extra time, up to six months until October 15th, to submit their tax returns without penalty, although it doesn't extend the time to pay any taxes owed. Options for requesting an extension include using tax preparation software, filing Form 4868 electronically or by mail, and making payments via the Electronic Federal Tax Payment System (EFTPS)…

Gabby Parker and Chris Cameron discuss Tennessee taxes, including state taxes and franchise and excise tax. They cover filing state business taxes through TenTap and the decision to itemize deductions. The conversation also touches on the implications of quarterly tax payments and the importance of considering time as money in tax preparation. They highlight the benefits of hiring a firm for personal and business taxes and stress the importance of keeping business financials up to date.

Gabby Parker and Chelsea Kagey discuss tax topics in a podcast for small business owners, covering required documents, IRS penalties, reasons for denial of tax returns, deadlines, and helpful deductions. They emphasize the importance of accurate records and staying informed about IRS regulations.

The new BOI filing requirements under the Corporate Transparency Act require LLCs, S Corps, and C Corps identified as reporting companies to disclose Beneficial Ownership Information to combat money laundering, with filings due by January 1, 2025, for existing businesses.

Even if you don’t have knowledge of how to do your own taxes, there are free services that make it easy. So, the question becomes, when should you seek assistance from a professional tax preparer?

We often get the question: “How do I calculate my Tennessee franchise and excise taxes?”. So, in this post, we quickly break down the details and calculations surrounding franchise and excise tax in Tennessee.