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

Be Prepared When Natural Disasters Strike

by TaxGenuity Tax Experts | Oct 30, 2019 | Tax Advice

While September and October are prime time for Atlantic hurricanes, natural disasters of any kind can strike at any time. As such, it’s a good idea for taxpayers to think about – and plan ahead for – what they can do to be prepared. Here are four...

Small Business: Tips for Ensuring Financial Success

by TaxGenuity Tax Experts | Oct 28, 2019 | Tax Advice

Can you point your company in the direction of financial success, step on the gas, and then sit back and wait to arrive at your destination? While you may wish it was that easy, the truth is that you can’t let your business run on autopilot and expect good...

New Tax Rules for Divorce and Alimony Payments

by TaxGenuity Tax Experts | Oct 27, 2019 | Tax Advice

Divorce is a painful reality for many people both emotionally and financially, and quite often, the last thing on anyone’s mind is the effect a divorce or separation will have on their tax situation. To make matters worse, most court decisions do not take into...

Tax Preparation vs. Tax Planning

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

Many people assume tax planning is the same as tax preparation but the two are actually quite different. Let’s take a closer look: What is Tax Preparation? Tax preparation is the process of preparing and filing a tax return. Generally, it is a one-time event...

7 Tips to Help You Figure out if Your Gift Is Taxable

by TaxGenuity Tax Experts | Sep 30, 2019 | Tax Advice

If you’ve given money or property to someone as a gift, you may owe federal gift tax. Many gifts are not subject to the gift tax, but there are exceptions. Because gift tax laws can be confusing, here are seven tips you can use to figure out whether your gift is...

The Home Office Tax Deduction for Small Business

by TaxGenuity Tax Experts | Sep 27, 2019 | Tax Advice

If you’re a small business owner who uses your home for business you may be eligible to claim the home office deduction, which allows you to deduct certain home expenses on your tax return. The benefit to this, of course, is that it can reduce the amount of your...

5 Tips for Applying for Tax-Exempt Status

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

If you’re thinking about starting a nonprofit and want to apply for tax-exempt status under Section 501(c)(3) of the tax code, you’ll need to use Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code. Here...