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

Penalty Relief for Transition Tax on Foreign Earnings

by TaxGenuity Tax Experts | Jul 26, 2018 | Tax Advice

Section 965 of the Internal Revenue Code, enacted in December 2017, imposes a transition tax on untaxed foreign earnings of foreign corporations owned by U.S. shareholders by deeming those earnings to be repatriated. Foreign earnings held in the form of cash and cash...

Tip Income: Is it Taxable?

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

The short answer is that yes, tips are taxable. If you work at a hair salon, barber shop, casino, golf course, hotel, or restaurant, or drive a taxicab, then the tip income you receive as an employee from those services is considered taxable income. Here are a few...

Small Business Payroll Expenses

by TaxGenuity Tax Experts | Jul 20, 2018 | Tax Advice

Federal law requires most employers to withhold federal taxes from their employees’ wages. Whether you’re a small business owner who’s just starting out or one who has been in business a while and is ready to hire an employee or two, here are five...

The Home Office Deduction: What’s New

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

Self-employed taxpayers who use their home for business may be able to deduct expenses for the business use of it. Qualified persons can claim the deduction whether they rent or own their home and can use the simplified option or the regular method to claim a...

Tax Considerations for Americans Retiring Overseas

by TaxGenuity Tax Experts | Jul 14, 2018 | Tax Advice

Are you approaching retirement age and wondering where you can retire to make your retirement nest egg last longer? Retiring abroad may be the answer. But first, it’s important to look at the tax implications because not all retirement country destinations are...

Small Business: Budget Vs. Actual Reports

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

What if there were a tool that helped you create crystal-clear plans, provided you with continual feedback about how well your plan was working, and that told you exactly what’s working and what isn’t? Well, there is such a tool; it’s called the...

Tax Rules for Rental Income from Second Homes

by TaxGenuity Tax Experts | Jul 8, 2018 | Tax Advice

Tax rules on rental income from second homes can be complicated, particularly if you rent the home out for several months of the year, but also use the home yourself. There is, however, one provision that is not complicated. Homeowners who rent out their property for...