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

Like-kind Exchanges are Limited to Real Property

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

The Tax Cuts and Jobs Act, passed in December 2017, made tax law changes that will affect virtually every business and individual in 2018 and the years ahead. One tax provision that taxpayers should be aware of is that like-kind exchanges are now generally limited to...

Employers Beware: Identity Theft and W-2 Scam Alert

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

The 2019 tax season is quickly approaching and with it an increase in identity theft and W-2 scams. Small business identity theft is big business for identity thieves. Just like individuals, businesses may have their identities stolen, and their sensitive information...

The Tax Consequences of Losing your Job

by TaxGenuity Tax Experts | Jan 13, 2019 | Tax Advice

If you’ve lost your job you may have questions surrounding unemployment compensation, severance, and other issues that could affect your tax situation. Here are some answers: Q: What if I receive unemployment compensation? A: Unemployment compensation you...

Tax Tips for Older Americans

by TaxGenuity Tax Experts | Jan 8, 2019 | Tax Advice

Everyone wants to save money on their taxes, and older Americans are no exception. If you’re age 50 or older, here are six tax tips that could help you do just that. 1. Standard Deduction for Seniors. If you and/or your spouse are 65 years old or older and you...

Important Tax Changes for Individuals and Businesses

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

As the New Year rolls around, it’s always a sure bet that there will be changes to current tax law and 2019 is no different, now that the tax provisions under the Tax Cuts and Jobs Act of 2017 (TCJA) are in full effect. From standard deductions to health savings...

Transition Rule for Rehabilitation Tax Credit

by TaxGenuity Tax Experts | Dec 31, 2018 | Tax Advice

The Rehabilitation Tax Credit offers an incentive for owners to renovate and restore old or historic buildings. Tax reform legislation passed in December 2017 changed when the credit is claimed and provides a transition rule, which is summarized below: 1. The credit...

Tax Transcript Email Scam Alert

by TaxGenuity Tax Experts | Dec 28, 2018 | Tax Advice

Taxpayers should be aware of a new round of fraudulent emails that impersonate the IRS and use tax transcripts as bait to entice users to open documents containing malware. The scam is especially problematic for businesses whose employees might open the emails...