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

Tax Tips for Owners of Historic Buildings

by TaxGenuity Tax Experts | Nov 17, 2019 | Tax Advice

If you own a historic building you should know about a tax credit called the rehabilitation tax credit, which offers an incentive to renovate and restore old or historic buildings. Here are seven facts that building owners should know about this credit: The credit is...

Tax Treatment of Virtual Currency Transactions

by TaxGenuity Tax Experts | Nov 14, 2019 | Tax Advice

If you’ve invested in Bitcoin and decide to sell you need to consider the impact of virtual currency transactions on your taxes. Here’s what you should know: Background Prior to 2014, there was no IRS guidance and many people did not understand that...

Year-End Tax Planning Strategies for Businesses

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

A number of end-of-year tax planning strategies are available to business owners that can be used to reduce their tax liability. Here are a few of them: Deferring Income Businesses using the cash method of accounting can defer income into 2020 by delaying end-of-year...

Year-End Tax Planning for Individuals

by TaxGenuity Tax Experts | Nov 6, 2019 | Tax Advice

With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies you can use to minimize your tax burden for 2019. General Tax planning Strategies General tax planning strategies for individuals include postponing income and...

Rental Real Estate Qualifies as a Business

by TaxGenuity Tax Experts | Nov 2, 2019 | Tax Advice

A safe harbor is now available for taxpayers seeking to claim the section 199A deduction with respect to a “rental real estate enterprise.” What this means is that certain interests in rental real estate – including interests in mixed-use property...

Expat Compliance With US Tax Filing Obligations

by TaxGenuity Tax Experts | Nov 1, 2019 | Tax Advice

Taxpayers who relinquish citizenship without complying with their U.S. tax obligations are subject to the significant tax consequences of the U.S. expatriation tax regime. If you’re an expat who has relinquished — or intends to relinquish — your US...

Employer Credit for Family and Medical Leave

by TaxGenuity Tax Experts | Oct 31, 2019 | Tax Advice

Thanks to the passage of the Tax Cuts and Jobs Act last year, there’s a new tax benefit for employers: the employer credit for paid family and medical leave. As the name implies, employers may claim the credit based on wages paid to qualifying employees while...