1099 Filing Thresholds in 2026: What Businesses Need to Know
The IRS has lowered 1099 reporting thresholds to $600, affecting payments to freelancers, contractors, and through platforms like PayPal, Venmo, Square, Etsy, eBay, and Shopify. Businesses must track payments carefully, collect W-9s, and file accurately to avoid penalties, duplicate reporting, or audits. Genovations Accounting helps make 1099 compliance simple, stress-free, and accurate, ensuring businesses stay ahead of IRS changes.

As businesses grow, outdated accounting systems can create inefficiencies, errors, and costly surprises. This blog explains why Genovations Accounting uses QuickBooks Online as the foundation for all bookkeeping services and how pairing the software with the right level of professional support leads to clearer financials, better cash flow, and year-round confidence. Learn about our three QuickBooks-based packages and why upgrading your accounting system in 2026 can set your business up for long-term success.

Your chart of accounts is the foundation of your financial reporting, but when it’s disorganized or outdated, it can quietly hurt your business. This blog breaks down the most common chart of accounts issues, such as duplicate accounts, unclear categories, mixed personal and business expenses, and poor account structure and explains how they impact reporting, taxes, and profitability. You’ll also learn practical, actionable steps to clean up and rebuild your chart of accounts so your financial reports are accurate, easy to understand, and aligned with your business goals.

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.

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 Outdated systems can cost sales and increase risks, while modern tools improve efficiency and customer satisfaction.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.

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.

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.

There are many financial documents you will need when preparing or providing information for your taxes–one set of those being your bank statements. Your bank statements are incredibly useful supporting documents to help track various areas of your financial situation.

At Genovations Accounting, we talk a lot about our use of IRS Enrolled Agents to handle your tax returns…but just what is an IRS Enrolled Agent? Read on for a detailed summary.

While you can file your taxes on your own, there are still common mistakes that individuals often make when preparing their tax returns without professional assistance. Here are the top 3 mistakes.