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

Year in Review: Tax Changes for Individuals

by TaxGenuity Tax Experts | Dec 7, 2018 | Tax Advice

The Tax Cuts and Jobs Act of 2017 (TCJA) eliminated or modified numerous tax provisions starting in 2018. Here’s what individuals and families need to know as they get ready for tax season. Personal Exemptions Personal exemptions are eliminated for tax years...

IRS Relief for Taxpayers Affected by Hurricanes

by TaxGenuity Tax Experts | Nov 29, 2018 | Tax Advice

FEMA (Federal Emergency Management Agency) has declared a number of counties in Florida, Georgia, North Carolina, South Carolina and Virginia disaster areas due to hurricanes Michael and Florence. Any area declared a major disaster as designated by FEMA qualifies for...

Deferred Tax on Gains from Forced Sales of Livestock

by TaxGenuity Tax Experts | Nov 27, 2018 | Tax Advice

Farmers and ranchers who were forced to sell livestock due to drought may get extra time to replace the livestock and defer tax on any gains from the forced sales. Here are some facts about this to help farmers understand how the deferral works and if they are...

The Health Care Law and Hiring Seasonal Workers

by TaxGenuity Tax Experts | Nov 25, 2018 | Tax Advice

Businesses often need to hire workers on a seasonal or part-time basis. For example, some businesses may need seasonal help for holidays, harvest seasons, commercial fishing, or sporting events. Whether you are getting paid or paying someone else, questions often...

Understanding the Gift Tax

by TaxGenuity Tax Experts | Nov 23, 2018 | Tax Advice

If you gave money or property to someone as a gift, you might owe federal gift tax. Many gifts are not subject to the gift tax, but there are exceptions. Here are eight tips you can use to figure out whether your gift is taxable. 1. Most gifts are not subject to the...

Business Expense Deductions for Meals, Entertainment

by TaxGenuity Tax Experts | Nov 21, 2018 | Tax Advice

As the end of year approaches, taxpayers should be reminded that business expense deduction for meals and entertainment have changed due to tax law changes in the Tax Cuts and Jobs Act (TCJA). Until proposed regulations clarifying when business meal expenses are...

Section 199A: Qualified Business Income Deduction

by TaxGenuity Tax Experts | Nov 19, 2018 | Tax Advice

Thanks to tax reform legislation passed in December 2017, eligible taxpayers may now deduct up to 20 percent of certain business income from qualified domestic businesses, as well as certain dividends. Eligible taxpayers can claim the deduction for the first time on...