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

Deadline for Retirement Plan Distributions is April 1

by TaxGenuity Tax Experts | Mar 21, 2019 | Tax Advice

In most cases, taxpayers who turned 70 1/2 during 2018 must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by Monday, April 1, 2019. The April 1 deadline applies to owners of traditional...

Taxable vs. Nontaxable Income

by TaxGenuity Tax Experts | Mar 18, 2019 | Tax Advice

All income is taxable unless the law specifically excludes it, but as you might have guessed, there’s more to it than that. With that in mind, let’s take a closer look at taxable vs. nontaxable income. Taxable Income Taxable income includes any money you...

Report Name Changes before Filing Taxes

by TaxGenuity Tax Experts | Mar 15, 2019 | Tax Advice

All of the names on a taxpayer’s tax return must match Social Security Administration records because a name mismatch can delay a tax refund. Here’s what you should do if anyone listed on their tax return changed their name: 1. Reporting Taxpayer’s...

Pros and Cons of Filing a Tax Extension

by TaxGenuity Tax Experts | Mar 12, 2019 | Tax Advice

Obtaining a 6-month extension to file is relatively easy and there are legitimate reasons for doing so; however, there are also a few downsides. If you need more time to file your tax return this year, here’s what you need to know about filing an extension. What...

Are Social Security Benefits Taxable?

by TaxGenuity Tax Experts | Mar 9, 2019 | 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...

The Small Business Health Care Tax Credit

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

If you’re a small business owner with fewer than 25 full-time equivalent employees you may be eligible for the small business health care credit. What is the Small Business Health Care Credit? The small business health care tax credit, part of the Patient...

Four Tax Deductions that Disappeared in 2018

by TaxGenuity Tax Experts | Mar 3, 2019 | Tax Advice

Tax reform eliminated a number of deductions that many taxpayers counted on to reduce their taxable income. Here are four that could affect you. 1. Personal Exemptions Personal exemptions enabled individual taxpayers to reduce taxable their income in addition to the...