by TaxGenuity Tax Experts | Mar 29, 2020 | Tax Advice
The short answer is yes, tips are taxable. If you work at a hair salon, barbershop, casino, golf course, hotel, or restaurant, or drive a taxicab, then the tip income you receive as an employee from those services is taxable income. Here are a few other tips about...
by TaxGenuity Tax Experts | Mar 17, 2020 | 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 14, 2020 | Tax Advice
As part of final guidance issued that pertains to the Tax Cuts and Jobs Act of 2017, new rules and limitations are in effect for taxpayers who deduct depreciation for qualified property acquired and placed in service after September 27, 2017, and, as a business owner,...
by TaxGenuity Tax Experts | Mar 11, 2020 | Tax Advice
If you haven’t contributed funds to an Individual Retirement Arrangement (IRA) for tax year 2019, or if you’ve put in less than the maximum allowed, you still have time to do so. You can contribute to either a traditional or Roth IRA until the April 15th...
by TaxGenuity Tax Experts | Mar 8, 2020 | Tax Advice
If you hire someone for a long-term, full-time project or a series of projects that are likely to last for an extended period, you must pay special attention to the difference between independent contractors and employees. Why It Matters The Internal Revenue Service...
by TaxGenuity Tax Experts | Mar 5, 2020 | Tax Advice
Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable. Generally, you pay federal income taxes on your Social Security benefits only if you have...
by TaxGenuity Tax Experts | Mar 1, 2020 | Tax Advice
If you are ready to file your taxes but are missing important tax forms here’s what you should do: Form W-2 You should receive a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your federal tax return. Employers must furnish...
