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

Take Retirement Plan Distributions by December 31

by TaxGenuity Tax Experts | Dec 24, 2019 | Tax Advice

Taxpayers born before July 1, 1949, generally must receive payments from their individual retirement arrangements (IRAs) and workplace retirement plans by December 31. Known as required minimum distributions (RMDs), typically these distributions must be made by the...

Tax Benefits of Health Savings Accounts

by TaxGenuity Tax Experts | Dec 22, 2019 | Tax Advice

While similar to FSAs (Flexible Savings Plans) in that both allow pretax contributions, Health Savings Accounts or HSAs offer taxpayers several additional tax benefits such as contributions that roll over from year to year (i.e., no “use it or lose it”),...

Business Tax Provisions: The Year in Review

by TaxGenuity Tax Experts | Dec 13, 2019 | Tax Advice

Here’s what business owners need to know about tax changes for 2019. Standard Mileage Rates The standard mileage rate in 2019 is 58 cents per business mile driven. Health Care Tax Credit for Small Businesses Small business employers who pay at least half the...

Individual Taxpayers: Recap for 2019

by TaxGenuity Tax Experts | Dec 10, 2019 | Tax Advice

As we close out the year and get ready for tax season, here’s what individuals and families need to know about tax provisions for 2019. Personal Exemptions Personal exemptions are eliminated for tax years 2018 through 2025. Standard Deductions The standard...

Solar Technology Tax Credits Still Available for 2019

by TaxGenuity Tax Experts | Nov 29, 2019 | Tax Advice

Certain energy-efficient home improvements can cut your energy bills and save you money at tax time. While many of these tax credits expired at the end of 2016, tax credits for residential and non-business energy-efficient solar technologies do not expire until...

New Twist on the Social Security Number (SSN) Scam

by TaxGenuity Tax Experts | Nov 26, 2019 | Tax Advice

New variations of tax-related scams show up at regular intervals, the most recent one related to Social Security numbers. Don’t be fooled, however; it’s nothing more than a new twist on an old scam and yet another attempt to frighten people into returning...

Seasonal Workers and the Healthcare Law

by TaxGenuity Tax Experts | Nov 20, 2019 | Tax Advice

Businesses often need to hire workers on a seasonal or part-time basis. For example, some businesses may need seasonal help for holidays, harvest seasons, commercial fishing, or sporting events. Whether you are getting paid or paying someone else, questions often...