Welcome to the TaxGenuity Blog

If you plan to start a new business, or you've just opened your doors, it is important for you to know your federal tax responsibilities. Here are five tips to help you get started. 1. Type of Business. Early on, you will need to decide the type of business entity you...

More than 52 percent of businesses today are home-based. Every day, people are striking out and achieving economic and creative independence by turning their skills into dollars. Garages, basements and attics are being transformed into the corporate headquarters of...

Due to delays at the start of the tax season, the IRS is providing late-payment penalty relief to individuals and businesses requesting a tax-filing extension because they are attaching forms to their returns that couldn't be filed until after January. The relief...

Whether you're self-employed or an employee, if you use a car for business, you get the benefit of tax deductions. There are two choices for claiming deductions: Deduct the actual business-related costs of gas, oil, lubrication, repairs, tires, supplies, parking,...

The IRS sends millions of letters and notices to taxpayers for a variety of reasons. Many of these letters and notices can be dealt with simply, without having to call or visit an IRS office. Here are eight things you should know about IRS notices and letters. 1....

Question: How do I know if I have to file quarterly individual estimated tax payments? Answer: If you owed additional tax for the prior tax year, you may have to make estimated tax payments for the current tax year. If you are filing as a sole proprietor, partner, S...

One of the biggest hurdles you'll face in running your own business is staying on top of your numerous obligations to federal, state, and local tax agencies. Tax codes seem to be in a constant state of flux making the Internal Revenue Code barely understandable to...

If you, your spouse or dependents had significant medical or dental costs in 2012, you may be able to deduct those expenses when you file your tax return. Here are eight things you should know about medical and dental expenses and other benefits. 1. You must itemize....

Most people don't appreciate the full importance of a will, especially if they think their estate is too small to justify the time and expense of preparing one. Even people who recognize the need for a will often don't have one, perhaps due to procrastination or a...

Due to current economic conditions, it's likely that collecting on your accounts receivables is becoming more and more of a challenge. Strengthening your collection procedures may allow you to improve collection rates and shorten the aging days of your accounts...