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

Facts About Capital Gains and Losses

by TaxGenuity Tax Experts | Jun 28, 2020 | Tax Advice

When you sell a capital asset such as a home, household furnishings, and stocks and bonds held in a personal account, the difference between the amount you paid for the asset and its sales price is known as a capital gain or capital loss. Here are ten facts you should...

Estates and Trusts: Guidance for Itemizing Deductions

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

The Tax Cuts and Jobs Act (TCJA) prohibits individual taxpayers from claiming miscellaneous itemized deductions for any taxable year beginning after December 31, 2017, and before January 1, 2026. However, proposed guidance has recently been issued clarifying that...

Cash Management Tips for Small Businesses

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

Cash is the lifeblood of any small business. Here are some tips to help your business maintain a sufficient cash flow to meet its financial goals and run efficiently: 1. Toughen up your credit policies. Review the payment terms you offer to customers and tighten them...

Avoid These Common Errors When Filing a Tax Return

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

When filing a tax return, mistakes such as the common errors listed below can result in a processing delay – and increase the amount of time it takes to receive a tax refund. Using a reputable tax preparer such as a certified public accountant, enrolled agent or...

Preparing an Effective Business Plan

by TaxGenuity Tax Experts | Jun 17, 2020 | Tax Advice

A business plan is a valuable tool whether you’re seeking additional financing for an existing business, starting a new company, or analyzing a new market. Think of it as your blueprint for success. Not only will it clarify your business vision and goals, but it...

Pass on Wealth to Heirs Using These Strategies

by TaxGenuity Tax Experts | Jun 13, 2020 | Tax Advice

Individuals with significant assets who want to transfer wealth to heirs tax-free, as well as minimize estate taxes, should take advantage of proven tax strategies such as gifting and direct payments to educational institutions; however low interest rates and a...

Loan Forgiveness Under the Paycheck Protection Plan

by TaxGenuity Tax Experts | Jun 11, 2020 | Tax Advice

As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law March 27, many small business owners were able to apply for – and receive – a loan of up to $10 million under the Paycheck Protection Program (PPP). If the loan...