by TaxGenuity Tax Experts | Jul 31, 2022 | Tax Advice
Although the tax return filing deadline has come and gone, it’s never too early to start planning for next year’s tax return. With that in mind, let’s take a look at some common summertime situations that could affect your taxes: Getting...
by TaxGenuity Tax Experts | Jul 29, 2022 | Tax Advice
A hobby is any activity that a person pursues because they enjoy it and with no intention of making a profit. In contrast, people operate a business with the intention of making a profit. However, many people engage in hobby activities that turn into a source of...
by TaxGenuity Tax Experts | Jul 27, 2022 | Tax Advice
Teens and young adults often go into business for themselves over the summer or after school. This work can include babysitting, lawn mowing, dog walking, or other part-time or temporary work. When a teen or young adult is an employee of a business, their employer...
by TaxGenuity Tax Experts | Jul 25, 2022 | Tax Advice
The optional standard mileage rate, which taxpayers may use to calculate the deductible costs of operating an automobile for business and certain other purposes, increases to 62.5 cents per mile, effective July 1, 2022. The new mileage rate is up 4 cents from the rate...
by TaxGenuity Tax Experts | Jul 23, 2022 | Tax Advice
If you discover a mistake on your tax return after you’ve already filed it, don’t panic. In most cases, all you have to do is file an amended tax return. What Tax Form is Used to File an Amended Return? Taxpayers should use Form 1040X, Amended U.S....
by TaxGenuity Tax Experts | Jul 21, 2022 | Tax Advice
Home equity represents a significant portion of the average retiree’s wealth. If you’re 62 or older and house-rich but cash-poor, a reverse mortgage loan allows you to convert part of the equity in your home into cash – without having to sell your...
by TaxGenuity Tax Experts | Jul 19, 2022 | Tax Advice
If you’re self-employed and use your car for business, you can deduct certain business-related car expenses. The first thing small business owners need to know is that there are two options for claiming deductions: Actual Expenses. To use the actual expense...
