by TaxGenuity Tax Experts | May 22, 2018 | Tax Advice
Tax season may be over, but you still need to hang onto your tax returns and other tax records for at least three years. However, if the IRS believes you have significantly underreported your income (by 25 percent or more), or believes there may be an indication of...
by TaxGenuity Tax Experts | May 19, 2018 | Tax Advice
Tax relief is available for certain small employers who provide health coverage to their employees and wish to claim the Small Business Health Care Tax Credit for 2017 and later years. To qualify for the credit small employers must provide employees with a qualified...
by TaxGenuity Tax Experts | May 16, 2018 | 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 | May 13, 2018 | Tax Advice
Many of the tax provisions under tax reform were favorable to small business owners including those relating to using a car for business. Here’s what you need to know. 1. Section 179 Expense Deduction If you bought a new car in 2018 and use it more 50 percent...
by TaxGenuity Tax Experts | May 10, 2018 | Tax Advice
If you’re like most small business owners, you’re always looking for ways to lower your taxable income. Here are five ways to do just that. 1. Deducting the Cost of a Home Computer If you purchased a computer and use it for work-related purposes, you can...
by TaxGenuity Tax Experts | May 7, 2018 | Tax Advice
If you’re looking to save money on your taxes this year, consider using one or more of these tax-saving strategies to reduce your income, lower your tax bracket, and minimize your tax bill. Max Out Your 401(k) or Contribute to an IRA You’ve heard it...
by TaxGenuity Tax Experts | May 6, 2018 | Tax Advice
Selling a small to medium-sized business is a complex venture, and many business owners are not aware of the tax consequences. If you’re thinking about selling your business the first step is to consult a competent tax professional. You will need to make sure...
