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

Scam Alert: Fake Calls from Taxpayer Advocate Service

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

ike clockwork, every year, there’s a new twist on old scams. This year, it is the IRS impersonation phone scam whereby criminals fake calls from the Taxpayer Advocate Service. The TAS is an independent organization within the IRS that help protect your taxpayer...

Reporting Foreign Income

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

If you are living or working outside the United States, you generally must file and pay your tax in the same way as people living in the U.S. This includes people with dual citizenship. In addition, U.S. taxpayers with foreign accounts exceeding certain thresholds may...

Refundable vs. Non-Refundable Tax Credits

by TaxGenuity Tax Experts | Apr 23, 2019 | Tax Advice

Tax credits can reduce your tax bill or give you a bigger refund, but not all tax credits are created equal. While most tax credits are refundable, some credits are nonrefundable, but before we take a look at the difference between refundable and nonrefundable tax...

The Qualified Small Business Stock Exclusion

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

As the driving force in today’s economy, small businesses benefit from numerous tax breaks in the tax code. One of these, the Qualified Small Business Stock (QSBS), was made permanent by the PATH Act (Protecting Americans from Tax Hikes Act of 2015). If...

Safe Harbor for First Year Passenger Auto Depreciation

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

Under the Tax Cuts and Jobs Act (TCJA), there is an additional first-year depreciation deduction that applies to qualified property, including passenger automobiles, acquired and placed in service after September 27, 2017, and before January 1, 2027. Generally, both...

Five Facts about the Additional Medicare Tax

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

Some taxpayers may be required to pay an Additional Medicare Tax if their income exceeds certain limits. Here are some things that you should know about this tax: 1. Tax Rate. The Additional Medicare Tax rate is 0.9 percent. 2. Income Subject to Tax. The tax applies...

Is Home Equity Loan Interest still Deductible?

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

The Tax Cuts and Jobs Act has resulted in questions from taxpayers about many tax provisions including whether interest paid on home equity loans is still deductible. The good news is that despite newly-enacted restrictions on home mortgages, taxpayers can often still...