Tax Advice | TaxGenuity, Inc. - Tax Experts & IRS Problem Solvers

Federal Tax Obligations During Chapter 13 Bankruptcy

by TaxGenuity Tax Experts | Oct 24, 2022 | Tax Advice

The most common type of bankruptcy for individuals is Chapter 13, which allows individuals and small business owners in financial difficulty to repay their creditors. Often, it is a last resort for wage earners (individuals and those filing jointly as spouses), the...

Closing a Business for Good

by TaxGenuity Tax Experts | Oct 22, 2022 | Tax Advice

If you’re a small business owner who is thinking about closing your business for good, you should be aware that there is more to closing a business than laying off employees, selling office furniture, and closing the doors – you must also take certain...

Tax Deductions for Homeowners

by TaxGenuity Tax Experts | Oct 20, 2022 | Tax Advice

For many people buying a home – whether it’s a fixer-upper in an up and coming neighborhood or that custom home you’ve always dreamed of – is a milestone event. While there is often a steep learning curve associated with buying and owning a home,...

Business-related Travel Deductions

by TaxGenuity Tax Experts | Oct 18, 2022 | Tax Advice

Business travel deductions are available when employees travel away from their tax home or principal place of work for business reasons. With inflation on the rise, business travel is more costly than ever. Hotel bills, airfare or train tickets, cab fares, and public...

Lending Money to a Friend? It Pays To Plan Ahead

by TaxGenuity Tax Experts | Oct 16, 2022 | Tax Advice

Lending money to a cash-strapped friend or family member is a noble and generous offer that just might make a difference. But before you hand over the cash, you need to plan ahead to avoid tax complications for yourself down the road. Take a look at this example:...

Use These Strategies To Pass on Wealth to Heirs

by TaxGenuity Tax Experts | Oct 14, 2022 | Tax Advice

Individuals with significant assets should take advantage of proven tax strategies such as gifting and direct payments to educational institutions to transfer wealth to heirs tax-free and minimize estate taxes. Rising inflation, a volatile stock market, and relatively...

Cash Management Tips for Small Businesses

by TaxGenuity Tax Experts | Oct 12, 2022 | Tax Advice

Cash flow is the lifeblood of every small business but many business owners underestimate just how vital managing cash flow is to their business’s success. In fact, a healthy cash flow is more important than your business’s ability to deliver its goods and...