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

Protect Tax Records Before Disaster Strikes

by TaxGenuity Tax Experts | Aug 9, 2020 | Tax Advice

As such, it’s always a good idea to plan for what to do in case of a disaster. Here are some simple steps you can take right now to prepare: 1. Backup Records Electronically. Many people receive bank statements by email. This is a good way to secure your...

Exiting a Business: Which Option Is Right for You?

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

Selecting your business successor is a fundamental objective when planning your exit strategy and requires a careful assessment of what you want from the sale of your business and who can best give it to you. There are only four ways to leave your business and the...

Dirty Dozen Tax Scams: 2020 Edition

by TaxGenuity Tax Experts | Aug 3, 2020 | Tax Advice

The “Dirty Dozen” is a list of common tax scams that target taxpayers. Compiled and issued annually every year by the IRS, this year it includes many aggressive and evolving schemes related to coronavirus tax relief, including Economic Impact Payments. The...

Closing Your Business: A Tax Checklist

by TaxGenuity Tax Experts | Jul 29, 2020 | Tax Advice

More than 100,000 small businesses have closed due to COVID-19. If yours is one of them, 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 actions...

Reporting Farm Income and Expenses

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

Farms include plantations, ranches, ranges and orchards and farmers may raise livestock, poultry or fish, or grow fruits or vegetables. If you’re in the farming business or are thinking about it, here are ten things you should know about farm income and...

Retirement Accounts: Rollover Relief for RMDs

by TaxGenuity Tax Experts | Jul 23, 2020 | Tax Advice

Generally, taxpayers must begin taking a required minimum distribution (RMD) from a defined-contribution retirement plan, including a 401(k) or 403(b) plan, or an IRA when they reach age 72 (70 1/2 if they reached 70 ½ before January 1, 2020). The RMD for any year is...

Employee Retention Credit Deadline July 31

by TaxGenuity Tax Experts | Jul 20, 2020 | Tax Advice

As a reminder, employers whose business has been financially impacted by COVID-19 can take advantage of the Employee Retention Credit, a refundable tax credit designed to encourage businesses to keep employees on their payroll. The credit is worth 50 percent of up to...