Our Blog
Articles full of helpful tips, stories, and news.
Simplify Your Business Finances with QuickBooks & Genovations Accounting
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: Specialized Tax Support for Your Needs
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 Partners with Institute for GOD’s ProDev Program for 2024-2025 Academic Year
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…
Triple Taxation on Business Income in Tennessee—and How GA Can Help You Reduce It
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 - SOME THAT WORKED AND SOME THAT DIDN’T
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.
Ep. 3 Clean Books for a Clean Restaurant Sale - The Count On It Podcast
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…
Everything You Need to Know About Filing a Tax Extension
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)…
Ep. 2 How Do I Know if I Need Tax Help? - The Count On It Podcast
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.
Ep. 1 2024 Tax Tips - The Count On It Podcast
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.
What is BOI and How Might New Requirements Affect Your Taxes?
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.
When to Have a Professional File My Personal Tax Return
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?
How-To: Calculate TN F&E Taxes
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.
How Bank Statements Help in Preparing Your Taxes
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.
What IS an IRS Enrolled Agent?
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.
Top 3 Mistakes When Filing Your Own Tax Returns
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.
5 Ways to Handle Holiday Financial Stress
Stress always seems to spike around the holidays for many reasons. However, you don’t have to let your finances be one of those reasons.
Tax Preparers: 7 Reasons to Use an IRS Enrolled Agent
CPAs may not be the best choice when outsourcing for your tax needs. Sometimes, you need a specialist - like our IRS Enrolled Agents here at Genovations Accounting.
Navigating Tax Season: A Small Business Owner's Guide to Working with Tax Preparers
Tax season can be a daunting time for small business owners. That's where tax preparers come in. They are professionals trained to help you file your taxes accurately and efficiently.
Tax Tips for Home-Based Businesses
Master the art of managing taxes for your home-based business with this comprehensive beginner's guide. Learn about deductions, record-keeping, and compliance to make tax season a breeze.
The Advantage of Cloud-Based Accounting Systems
Discover the benefits of cloud-based accounting systems in this comprehensive guide for beginners. Explore how these systems can streamline your financial processes and enhance your business's efficiency.