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

Relief for Businesses with Net Operating Losses

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

Taxpayers with net operating losses (NOLs) form a business are provided tax relief under the CARES Act. Tax relief for partnerships filing amended returns is provided as well. Let’s take a look at three key points: 1. Claiming NOLs Taxpayers with net operating...

Tips for Deducting Medical and Dental Expenses

by TaxGenuity Tax Experts | Jun 7, 2020 | Tax Advice

If you, your spouse, or dependents have significant medical or dental costs in 2019, you may be able to deduct those expenses when you file your tax return this year. Here are eight things you should know about medical and dental expenses and other benefits: 1. You...

Facts About the Adoption Tax Credit

by TaxGenuity Tax Experts | Jun 5, 2020 | Tax Advice

Parents who adopted or started the adoption process during 2019 may qualify for the adoption credit. Generally, the credit is allowable whether the adoption is domestic or foreign. However, the timing rules for claiming the credit for qualified adoption expenses...

Ready to File? This Tax Records Checklist Will Help

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

If you’re a taxpayer who has not yet filed their 2019 tax return, you may be getting ready to do so now. One of the first things you will need to do – before visiting your tax preparer – is to gather all of your year-end income documents. Doing so...

Small Business: Tax Consequences of Crowdfunding

by TaxGenuity Tax Experts | Jun 1, 2020 | Tax Advice

With the onset of the coronavirus pandemic, crowdfunding websites such as Kickstarter and GoFundMe have become an increasingly popular way for small business owners to stay afloat. The upside is that it’s often possible to raise the cash you need; the downside...

Job Loss Could Affect Your Tax Situation

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

If you’ve lost your job you may have questions about how it could affect your tax situation. Here are some answers: Q: I lost my job. How does this affect my tax situation? A: The loss of a job may create new tax issues. For example, any severance pay you...

Employee Retention Credit Could Help Your Business

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

Businesses that have been impacted financially by COVID-19 may be able to take advantage of a new, refundable tax credit called the Employee Retention Credit. The credit is designed to encourage businesses to keep employees on their payroll and is worth 50 percent of...