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

HSA Limits Increase for 2022

by TaxGenuity Tax Experts | Jun 22, 2021 | Tax Advice

Contributions to a Health Savings Account (HSA) are used to pay current or future medical expenses of the account owner, his or her spouse, and any qualified dependent and are adjusted annually for inflation. For 2022, the annual inflation-adjusted contribution limit...

Payment for Refundable Child Tax Credit Starts July 15

by TaxGenuity Tax Experts | Jun 19, 2021 | Tax Advice

The first monthly payment of the expanded and newly-advanceable Child Tax Credit (CTC) from the American Rescue Plan will be made on July 15. Roughly 39 million households – nearly 90 percent of children in the United States – are slated to begin receiving...

Tips to Help You Figure Out if Your Gift is Taxable

by TaxGenuity Tax Experts | Jun 10, 2021 | Tax Advice

If you’ve given money or property to someone as a gift, you may owe federal gift tax, but in many cases, you will not. For example, there is usually no tax if you make a gift to your spouse or a charity. If you make a gift to someone else, the gift tax usually...

Changing Jobs? Don’t Forget About Your 401(k)

by TaxGenuity Tax Experts | Jun 7, 2021 | Tax Advice

One of the most important questions you face when changing job is what to do with the money in your 401(k) because making the wrong move could cost you thousands of dollars or more in taxes and lower returns. Let’s say you put in five years at your current job....

Tax Considerations When Selling Your Small Business

by TaxGenuity Tax Experts | Jun 4, 2021 | Tax Advice

Selling a small to medium-sized business is a complex venture, and many business owners are not aware of the tax consequences. If you’re thinking about selling your business the first step is to consult a competent tax professional. You will need to make sure...

Deductions for Food or Beverages From Restaurants

by TaxGenuity Tax Experts | May 28, 2021 | Tax Advice

Beginning January 1, 2021, and extending through December 31, 2022, businesses can claim 100% of their food or beverage expenses paid to restaurants as long as the business owner (or an employee of the business) is present when food or beverages are provided, and the...

Recovery Rebate Credit May Be Different Than Expected

by TaxGenuity Tax Experts | May 25, 2021 | Tax Advice

Some taxpayers who claim the 2020 Recovery Rebate Credit (RRC) on their 2020 tax returns are discovering that they may be getting a different amount than they expected. Let’s take a closer look at why this is happening. The first and second Economic Impact...