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

Per Diem Rates Updated for FY 2021-22

by TaxGenuity Tax Experts | Oct 21, 2021 | Tax Advice

Per diem rates have been updated for FY 2021-22 and are effective October 1, 2021. These allowances substantiate the amount of ordinary and necessary business expenses paid or incurred while traveling away from home and include lodging, meal, and incidental expenses,...

If You Receive an IRS Letter or Notice

by TaxGenuity Tax Experts | Oct 17, 2021 | Tax Advice

The IRS sends millions of letters and notices to taxpayers for a variety of reasons. Many of these letters and notices can be dealt with without calling or visiting an IRS office. Here’s what you need to know about IRS notices and letters: Reasons You Might...

Use These Strategies To Pass on Wealth to Heirs

by TaxGenuity Tax Experts | Oct 13, 2021 | 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, as well as minimize estate taxes. Additional opportunities are available as well,...

Defer Capital Gains Using Like-Kind Exchanges

by TaxGenuity Tax Experts | Oct 9, 2021 | Tax Advice

If you’re a savvy investor, you probably know that you must generally report as income any mutual fund distributions, whether you reinvest them or exchange shares in one fund for shares of another. In other words, you must report and pay any capital gains tax...

Small Business: Tips for Ensuring Financial Success

by TaxGenuity Tax Experts | Oct 5, 2021 | Tax Advice

Can you point your company in the direction of financial success, step on the gas, and then sit back and wait to arrive at your destination? Probably not. While you may wish it was that easy, the truth is that you can’t let your business run on autopilot and...

Marginal vs. Effective Tax Rates

by TaxGenuity Tax Experts | Oct 1, 2021 | Tax Advice

Understanding marginal and effective tax rates is important for tax planning purposes; however, many taxpayers don’t fully understand the differences. Let’s take a closer look: Marginal Tax Rate The United States has a progressive tax system. The more...

Gross Receipts Safe Harbor for Employers Claiming ERC

by TaxGenuity Tax Experts | Oct 1, 2021 | Tax Advice

Safe harbor is now available that allows employers to exclude certain items from their gross receipts solely for determining eligibility for the Employee Retention Credit (ERC). These amounts are: The amount of the forgiveness of a Paycheck Protection Program (PPP)...