Welcome to the TaxGenuity Blog

Are you approaching retirement age and wondering where you can retire to make your retirement nest egg last longer? Retiring abroad may be the answer. But first, it's important to look at the tax implications because not all retirement country destinations are created...

Given current economic conditions, you may be faced with tax questions surrounding a job loss and unemployment issues. Here are some answers: Q: What if I received unemployment compensation in 2016? A: Unemployment compensation you received under the unemployment...

If you're age 70 1/2 or older, you can now take advantage of recent legislation allowing you to avoid paying income tax on IRA withdrawals transferred directly to a qualified charitable organization. Referred to as Qualified Charitable Distributions (QCDs), they can...

Looking to save money on your taxes this year? It's never too early to start planning ahead using these proven tax planning strategies. Max Out Your 401(k) or Contribute to an IRA You've heard it before, but it's worth repeating because it's one of the easiest and...

Filing a past due return may not be as difficult as you think. Taxpayers should file all tax returns that are due, regardless of whether full payment can be made with the return. Depending on an individual's circumstances, a taxpayer filing late may qualify for a...

If you are a self-employed, you normally carry on a trade or business. Sole proprietors and independent contractors are two types of self-employment. If this applies to you, there are a few basic things you should know about how your income affects your federal tax...

Did you know that it's possible to trim your tax bill and save on your energy bills with certain home improvements? Here are some key facts you should know about home energy tax credits: Non-Business Energy Property Credit Part of this credit is worth 10 percent of...

If you have children, you may be able to reduce the amount of taxes owed for the year using tax credits and deductions. Here are several tax benefits you might be able to take advantage of when you file your federal tax return: Dependents. In most cases, you can claim...

Did you know that almost everything you own and use for personal or investment purposes is a capital asset? Capital assets include a home, household furnishings, and stocks and bonds held in a personal account. When you sell a capital asset, the difference between the...

Are you wondering if there's a hard and fast rule about what income is taxable and what income is not taxable? The quick answer is that all income is taxable unless the law specifically excludes it. But as you might have guessed, there's more to it than that. Taxable...