Welcome to the TaxGenuity Blog
Deducting Travel and Entertainment Expenses
Tax law allows you to deduct two types of travel expenses related to your business, local and what the IRS calls "away from home." First, local travel expenses. You can deduct local transportation expenses incurred for business purposes such as the cost of getting...
Five Things to know before Starting a Business
Starting a new business is an exciting, but busy time with so much to be done and so little time to do it in. And, if you expect to have employees, there are a variety of federal and state forms and applications that will need to be completed to get your business up...
Tax Planning for Small Business Owners
Tax planning is the process of looking at various tax options to determine when, whether, and how to conduct business and personal transactions to reduce or eliminate tax liability. Many small business owners ignore tax planning and don't even think about their taxes...
Filing an Amended Return
What should you do if you already filed your federal tax return and then discover a mistake? First of all, don't worry. In most cases, all you have to do is file an amended tax return. But before you do that, here is what you should be aware of when filing an amended...
Tax Rules for Children With Investment Income
Children who receive investment income are subject to special tax rules that affect how parents must report a child's investment income. Some parents can include their child's investment income on their tax return, while other children may have to file their own tax...
Tax Tips for Farmers
Are you in the farming business or thinking about it? If so, you should be aware that there may be tax benefits available for you come tax time. Farms include plantations, ranches, ranges, and orchards. Farmers may raise livestock, poultry or fish, or grow fruits or...
Business Expenses – Tips for Employees
If you pay for work-related expenses out of your own pocket, you may be able to deduct those costs. In most cases, you can claim allowable expenses if you itemize on IRS Schedule A, Itemized Deductions. You can deduct the amount that is more than two percent of your...
Top Ten Facts about Adoption Tax Benefits
If you adopt a child in 2017, you may qualify for a tax credit. If your employer helped pay for the costs of an adoption, you may be able to exclude some of your income from tax. Here are ten things you should know about adoption tax benefits. 1. Credit or Exclusion....
Late Filing and Late Payment Penalties
April 18 was the deadline for most people to file their federal income tax return and pay any taxes they owe. The bad news is that if you missed the deadline (for whatever reason) you may be assessed penalties for both failing to file a tax return and for failing to...
Employee Relocation: What Happens to your Home?
Business owners, as well as employees, often have questions about what to do with an employee's home--and what the tax consequences might be--when he or she is moved to a new job location. Here are some answers. Employees Most employers want to protect the employee to...
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