by TaxGenuity Tax Experts | Apr 24, 2019 | Tax Advice
If you are living or working outside the United States, you generally must file and pay your tax in the same way as people living in the U.S. This includes people with dual citizenship. In addition, U.S. taxpayers with foreign accounts exceeding certain thresholds may...
by TaxGenuity Tax Experts | Apr 23, 2019 | Tax Advice
Tax credits can reduce your tax bill or give you a bigger refund, but not all tax credits are created equal. While most tax credits are refundable, some credits are nonrefundable, but before we take a look at the difference between refundable and nonrefundable tax...
by TaxGenuity Tax Experts | Apr 22, 2019 | Tax Advice
As the driving force in today’s economy, small businesses benefit from numerous tax breaks in the tax code. One of these, the Qualified Small Business Stock (QSBS), was made permanent by the PATH Act (Protecting Americans from Tax Hikes Act of 2015). If...
by TaxGenuity Tax Experts | Mar 30, 2019 | Tax Advice
Under the Tax Cuts and Jobs Act (TCJA), there is an additional first-year depreciation deduction that applies to qualified property, including passenger automobiles, acquired and placed in service after September 27, 2017, and before January 1, 2027. Generally, both...
by TaxGenuity Tax Experts | Mar 27, 2019 | Tax Advice
Some taxpayers may be required to pay an Additional Medicare Tax if their income exceeds certain limits. Here are some things that you should know about this tax: 1. Tax Rate. The Additional Medicare Tax rate is 0.9 percent. 2. Income Subject to Tax. The tax applies...
by TaxGenuity Tax Experts | Mar 24, 2019 | Tax Advice
The Tax Cuts and Jobs Act has resulted in questions from taxpayers about many tax provisions including whether interest paid on home equity loans is still deductible. The good news is that despite newly-enacted restrictions on home mortgages, taxpayers can often still...
by TaxGenuity Tax Experts | Mar 21, 2019 | Tax Advice
In most cases, taxpayers who turned 70 1/2 during 2018 must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by Monday, April 1, 2019. The April 1 deadline applies to owners of traditional...
