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

Making Tax Smart Loans to Family and Friends

by TaxGenuity Tax Experts | Nov 17, 2018 | Tax Advice

Lending money to a cash-strapped friend or family member is a noble and generous offer that just might make a difference. But before you hand over the cash, you need to plan ahead to avoid tax complications for yourself down the road. Take a look at this example:...

Tax Benefits of Health Savings Accounts

by TaxGenuity Tax Experts | Nov 15, 2018 | Tax Advice

While similar to FSAs (Flexible Savings Plans) in that both allow pre-tax contributions, Health Savings Accounts or HSAs offer taxpayers several additional tax benefits such as contributions that roll over from year to year (i.e., no “use it or lose it”),...

Year-End Tax Planning for Businesses

by TaxGenuity Tax Experts | Nov 13, 2018 | Tax Advice

There are a number of end of year tax planning strategies that businesses can use to reduce their tax burden for 2018. Here are a few of them: Deferring Income Businesses using the cash method of accounting can defer income into 2019 by delaying end-of-year invoices,...

Year-End Tax Planning for Individuals

by TaxGenuity Tax Experts | Nov 11, 2018 | Tax Advice

Once again, tax planning for the year ahead presents a number of challenges, this year, primarily due to tax laws changes brought about the passage of the Tax Cuts and Jobs Act of 2018. These changes include the nearly doubling of the standard deduction, elimination...

Early Withdrawals from Retirement Plans

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

Many people find themselves in situations when they need to withdraw money from their retirement plan earlier than planned. Doing so, however, can trigger an additional tax on top of income tax taxpayers may have to pay. Here are five things taxpayers should know...

Taxpayers Challenging a Levy now have more Time

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

Due to tax reform legislation enacted in December, individuals and businesses now have two years to file an administrative claim or bring a civil action for wrongful levy or seizure. The Prior to tax reform the limit was nine months. Here are five facts about levies...

Apps for Tracking Business Mileage

by TaxGenuity Tax Experts | Oct 22, 2018 | Tax Advice

Every business owner, no matter how small, must keep good records. But whether it’s keeping track of mileage, documenting expenses, or separating personal from business use, keeping up with paperwork is a seemingly never-ending job. No matter how good your...