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

Five Facts about the Opportunity Zone Tax Incentive

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

Providing tax benefits to investors who invest eligible capital into distressed communities throughout the U.S. and its possessions, Qualified Opportunity Zones (QOZs) were created under the Tax Cuts and Jobs Act of 2017 to spur economic development and job creation....

Who Should File a 2018 Tax Return?

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

Most people file a tax return because they have to, but even if you don’t, there are times when you should–because you might be eligible for a tax refund and not know it. The six tax tips below should help you determine whether you’re one of them. 1....

Avoiding the Penalty on Early Distributions

by TaxGenuity Tax Experts | Feb 16, 2019 | Tax Advice

Many people use IRAs, SEP Plans, SIMPLE IRA plans, and employee-sponsored retirement savings plans such as the 401(k) to save money for their retirement years, but what if you need to tap that money before age 59 1/2? The bad news is that you generally have to pay a...

Seven Common Small Business Tax Myths

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

The complexity of the tax code generates a lot of folklore and misinformation that could lead to costly mistakes such as penalties for failing to file on time or, on the flip side, not taking advantage of deductions you are legally entitled to take and giving the IRS...

Penalty Relief for Witholding, Estimated Tax Shortfalls

by TaxGenuity Tax Experts | Feb 4, 2019 | Tax Advice

The estimated tax penalty has been waived for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year; however, there is a catch: the penalty is only waived for taxpayers who paid at...

Tax Filing Season Begins

by TaxGenuity Tax Experts | Feb 4, 2019 | Tax Advice

January 28, 2019, marked the start of this year’s tax filing season, and it’s the first time taxpayers will be filing under the new tax reform laws, most of which became effective in 2018. Complicating matters is a newly revised Form 1040, U.S. Individual...

Standard Mileage Rates for 2019

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

Starting January 1, 2019, the standard mileage rates for the use of a car, van, pickup or panel truck are as follows: 58 cents per mile driven for business use, up 3.5 cents from the rate for 2018 20 cents per mile driven for medical or moving purposes, up 2 cents...