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

Investing in Opportunity Zones: The Facts

by TaxGenuity Tax Experts | Nov 14, 2020 | Tax Advice

The Tax Cuts and Jobs Act included numerous changes for businesses and individuals. One of these was the creation of the Opportunity Zones tax incentive, the purpose of which is to spur economic development and job creation in distressed communities by providing tax...

End-of-Year Tax Planning Strategies for Businesses

by TaxGenuity Tax Experts | Nov 10, 2020 | Tax Advice

Several end-of-year tax planning strategies are available to business owners that can be used to reduce their tax liability. Let’s take a look: Deferring Income Businesses using the cash method of accounting can defer income into 2021 by delaying end-of-year...

End-of-Year Tax Planning Strategies for Individuals

by TaxGenuity Tax Experts | Nov 6, 2020 | Tax Advice

With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies you can use to minimize your tax burden for 2020. General Tax Planning Strategies General tax planning strategies for individuals include accelerating or...

Tax Preparation vs. Tax Planning

by TaxGenuity Tax Experts | Nov 2, 2020 | Tax Advice

Many people assume tax planning is the same as tax preparation, but the two are quite different. Let’s take a closer look: What is Tax Preparation? Tax preparation is the process of preparing and filing a tax return. Generally, it is a one-time event that...

File Cash Transaction Reports Electronically

by TaxGenuity Tax Experts | Oct 30, 2020 | Tax Advice

Businesses that receive cash transactions of more than $10,000 must report these payments to the IRS. Now businesses can batch file their cash reports; this is especially helpful for those required to file many forms. Let’s take a look at several key points that...

Avoid Refund Delays by Renewing Expiring ITINs Now

by TaxGenuity Tax Experts | Oct 26, 2020 | Tax Advice

People who are not eligible for a Social Security number must use individual taxpayer identification numbers (ITINs) if they have tax filing or payment obligations under U.S. law. Periodically and under certain circumstances, these ITINs expire and should be renewed...

Final Regulations for 100 Percent Bonus Depreciation

by TaxGenuity Tax Experts | Oct 22, 2020 | Tax Advice

Final regulations have been issued by the Treasury Department and the Internal Revenue Service implementing the 100% additional first-year depreciation deduction that allows businesses to write off the cost of most depreciable business assets in the year they are...