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.

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.

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.

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.

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.

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.

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.

In this comprehensive article, we delve into the concept of depreciation and its significance on financial statements. Explore its impact, how it affects businesses, and its relevance in accounting practices.

Are you a new entrepreneur trying to establish your business? This comprehensive guide on "Choosing the Right Business Entity" will walk you through the key considerations and provide expert insights to help you make informed decisions.

Learn essential tips for effective cash flow management in small businesses. Discover expert insights and strategies to optimise your cash flow, ensuring business stability and growth.

Running a business involves various costs, from day-to-day operations to marketing and employee salaries. While all expenses impact your bottom line, not all of them are deductible for tax purposes.