Welcome to the TaxGenuity Blog

With less than three months remaining in the calendar year, now is a good time to double check your federal withholding to make sure enough taxes are being taken out of your pay. Most people have taxes withheld from each paycheck or pay taxes on a quarterly basis...

What is Tax Planning? Tax planning is the process of looking at various tax options to determine when, whether, and how to conduct business transactions to reduce or eliminate tax liability. Many small business owners ignore tax planning. They don't even think about...

Background: What is Equifax? Equifax is one of three major U.S. credit reporting bureaus. The other two are TransUnion and Experian. There is also a smaller, less well-known credit-reporting agency called Innovis (aka CBCInnovis) that operates slightly different in...

From declining sales at local retail establishments to brick and mortar store closings, almost everyone would agree that the rise of Internet sales has transformed the retail landscape. One consequence of this uptick in online sales is lost revenues in states that...

If you or anyone in your family receive advance payments of the premium tax credit, now is a good time to check on whether you need to adjust your premium assistance. Because advance payments are paid directly to your insurance company (thereby lowering out-of-pocket...

Some tax rules affect everyone who files a federal income tax return. With that in mind, here are seven facts about dependents and exemptions that taxpayers should know about. 1. Exemptions lower your income. There are two types of exemptions: personal exemptions and...

Did you know that a name change could impact your taxes? Here's what you need to know: 1. Report Name Changes. Did you get married and are now using your new spouse's last name or hyphenate your last name? Did you divorce and go back to using your former last name? In...

The IRS offers tax relief to affected taxpayers (individuals and businesses) in any area designated by the Federal Emergency Management Agency (FEMA), as qualifying for individual assistance and is part of a coordinated federal response to the damage caused by severe...

Of all the retirement plans available to small business owners, the SIMPLE IRA plan (Savings Incentive Match PLan for Employees) is the easiest to set up and the least expensive to manage. The catch is that you'll need to set it up by October 1st. Here's what you need...

More than half of Millennials and Gen Xers have already or are planning to, withdraw money from their retirement plans to cover unexpected expenses such as medical bills, educational expenses, or buying a house, according to a recent PwC Employee Financial Wellness...