Welcome to the TaxGenuity Blog

As a small business owner, figuring out which form of business structure to use when you started was one of the most important decisions you had to make; however, it's always a good idea to periodically revisit that decision as your business grows. For example, as a...

Under tax reform, individuals who itemize should be aware that deductions they may have previously counted on to reduce their taxable income have disappeared in 2018. Here are five of them. 1. Moving Expenses For tax years 2018 through 2025, moving expenses are no...

Thanks to the passage of the Tax Cuts and Jobs Act last year, there's a new tax benefit for employers: the employer credit for paid family and medical leave. As the name implies, employers may claim the credit based on wages paid to qualifying employees while they are...

Contributions to a Health Savings Account (HSA) are used to pay current or future medical expenses of the account owner, his or her spouse, and any qualified dependent and are adjusted annually for inflation. For 2019, the annual inflation-adjusted contribution limit...

Many businesses hire part-time or full-time workers, especially in the summer. These types of employees are referred to as seasonal workers, which the IRS defines as an employee who performs labor or services on a seasonal basis (i.e., six months or less). Examples of...

If you're thinking about hiring new employees this this year you won't want to miss out on tax breaks available to businesses with employees. 1. Payroll Tax Deduction for Startups As part of the Research & Development Tax Credit, for tax years 2016 and beyond,...

Crowdfunding websites such as Kickstarter, GoFundMe, Indiegogo, and Lending Club have become increasingly popular for both individual fundraising and small business owners looking for start-up capital or funding for creative ventures. The upside is that it's often...

Many parents are looking for ways to save for their child's education and a 529 Plan is an excellent way to do so. Even better, is that they are now available to parents wishing to save for their child's K-12 education as well as college. Every state has a program...

Each year, the IRS mails millions of notices and letters to taxpayers for a variety of reasons. If you receive correspondence from the IRS here's what to do: Don't panic. Call our office at 727 330-3500 and inform us that you received an IRS letter.  We are your...

In yet another new twist on an old scam--this time affecting non-resident aliens and international taxpayers--criminals are using a fake IRS Form W-8BEN to solicit detailed personal identification and bank account information from victims. Here's how the scam works:...