Tax Advice | TaxGenuity, Inc. - Tax Experts & IRS Problem Solvers

IRS Provides Guidance on SECURE 2.0 Catch-Up Contribution Changes

by TaxGenuity Tax Experts | Sep 22, 2023 | Tax Advice

In Notice 2023-62, the IRS addressed a technical error in the SECURE 2.0 Act that wouldn’t have allowed catch-up contributions to 401(k)s and similar plans after 2023. Generally, taxpayers who’re age 50 or older are allowed to make additional “catch-up” contributions...

Tax Implications to Be Aware of After a Job Loss

by TaxGenuity Tax Experts | Sep 14, 2023 | Tax Advice

Despite the generally robust job market, some people are still losing their jobs. If you’re laid off or terminated from employment, taxes are probably the last thing on your mind. However, you may face tax implications due to your changed personal and professional...

Tips on the Tax Treatment of Gifts

by TaxGenuity Tax Experts | Sep 7, 2023 | Tax Advice

Gift tax returns generally do not need to be filed unless you give someone, other than your spouse (if he or she is a U.S. citizen), money or property worth more than the gift tax annual exclusion for that year. Here are four more tips regarding the tax treatment of...

A Tax Checklist for Newly Married Couples

by TaxGenuity Tax Experts | Aug 25, 2023 | Tax Advice

Summer is the wedding season and newlyweds should understand how tying the knot can affect their tax situation. Here’s are three things newly married couples should know: 1. Name and address changes Name. When a name changes through marriage, it is important to...

It’s Natural Disaster Season: Safeguarding Tax Records

by TaxGenuity Tax Experts | Aug 21, 2023 | Tax Advice

With hurricane season in the East and South, wildfire season in the West, and severe weather season in the middle of the county, now is a good time to create or review emergency preparedness plans for surviving natural disasters. Here are three steps taxpayers can...

Minimizing Capital Gains Tax on Sale of a Home

by TaxGenuity Tax Experts | Aug 17, 2023 | Tax Advice

If you’re looking to sell your home this year, then it may be time to take a closer look at the exclusion rules and cost basis of your home to reduce your taxable gain on the sale. The IRS home sale gain exclusion rule allows an exclusion of gain up to $250,000...

Deducting Business-Related Vehicle Expenses

by TaxGenuity Tax Experts | Aug 13, 2023 | Tax Advice

If you’re self-employed and use your car, SUV or other vehicle for business, you can deduct certain business-related vehicle expenses. Depending on the cost of operating the vehicle or how much you drive it, as well as how much of your use of the vehicle is for...