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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)…