Welcome to the TaxGenuity Blog

If you filed for an extension of time to file your 2016 federal tax return and you also chose to have advance payments of the premium tax credit made to your coverage provider, it's important you file your return sooner rather than later. Here are four things you...

While The IRS, state tax agencies and numerous people in the tax and accounting industry are working together to warn tax professionals and their clients about phishing scams, they are still all too common. Here's what you need to know about the two most recent scams:...

Uber, Lyft, Airbnb, Etsy, Rover, TaskRabbit. If you've used any of these services--or provided services for them to others--you're a member of the sharing economy. If you've only used these services (and not provided them), then there's no need to worry about the tax...

Miscellaneous deductions such as certain work-related expenses you paid for as an employee can reduce your tax bill, but you must itemize deductions when you file to claim these costs. If you usually claim the standard deduction, think about itemizing instead because...

If you gave money or property to someone as a gift, you may wonder about the federal gift tax. Many gifts are not subject to the gift tax. Here are seven tax tips about gifts and the gift tax. 1. Nontaxable Gifts. The general rule is that any gift is a taxable gift....

Many retailers and online businesses now accept virtual currency for sales transactions but the federal tax implications remain relatively unknown to many retailers. If you're a retailer who accepts virtual currency such as Bitcoins for transactions, here's what you...

In most cases, gains from sales are taxable. But did you know that if you sell your home, you may not have to pay taxes? Here are ten facts to keep in mind if you sell your home this year. 1. Exclusion of Gain. You may be able to exclude part or all of the gain from...

Many people use a tax professional to prepare their taxes. Anyone who prepares, or assists in preparing, all or substantially all of a federal tax return for compensation is required to have a valid PTIN. All enrolled agents must also have a valid PTIN. Tax...

Tax-related identity theft typically occurs when someone uses your stolen Social Security number to file a tax return claiming a fraudulent refund. Anyone can fall victim to identity theft. Here is an important reminder of how to protect yourself from identity theft,...

Whether you're starting a new company, seeking additional financing for an existing one, or analyzing a new market, a business plan is a valuable tool. Think of it as your blueprint for success. Not only will it clarify your business vision and goals, but it will also...