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

New Rules for Depreciation and Expensing

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

As part of final guidance issued that pertains to the Tax Cuts and Jobs Act of 2017, new rules and limitations are in effect for taxpayers who deduct depreciation for qualified property acquired and placed in service after September 27, 2017, and, as a business owner,...

It’s Not Too Late to Make an IRA Contribution

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

If you haven’t contributed funds to an Individual Retirement Arrangement (IRA) for tax year 2019, or if you’ve put in less than the maximum allowed, you still have time to do so. You can contribute to either a traditional or Roth IRA until the April 15th...

Worker Classification: Employee vs. Contractor

by TaxGenuity Tax Experts | Mar 8, 2020 | Tax Advice

If you hire someone for a long-term, full-time project or a series of projects that are likely to last for an extended period, you must pay special attention to the difference between independent contractors and employees. Why It Matters The Internal Revenue Service...

Are Social Security Benefits Taxable?

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

Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable. Generally, you pay federal income taxes on your Social Security benefits only if you have...

What to Do If You Are Missing Important Tax Forms

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

If you are ready to file your taxes but are missing important tax forms here’s what you should do: Form W-2 You should receive a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your federal tax return. Employers must furnish...

Tips for Taxpayers Who Make Money From a Hobby

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

Many people enjoy hobbies that are also a source of income. From soap making and pottery to calligraphy and designing jewelry, these activities can be sources of both fun and finances. However, taxpayers who make money from a hobby should know that they must report...

Figuring out Your Correct Filing Status

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

Your filing status determines which tax forms you need to file, the amount of your standard deduction, eligibility for certain tax credits, and how much tax you owe. In some cases, it may even impact whether you need to file a federal income tax return. Single,...