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

Need to File an Extension? Don’t Wait.

by TaxGenuity Tax Experts | Apr 7, 2018 | Tax Advice

If you’ve been procrastinating when it comes to preparing and filing your tax return this year you might be considering filing an extension. While obtaining a 6-month extension to file is relatively easy–and there are legitimate reasons for doing...

Understanding Estimated Tax Payments

by TaxGenuity Tax Experts | Apr 4, 2018 | Tax Advice

Estimated tax is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, and rent, as well as gains from the sale of assets, prizes and awards. You also may have to pay estimated tax if...

Five Tax Provisions Retroactively Extended for 2017

by TaxGenuity Tax Experts | Apr 1, 2018 | Tax Advice

The Bipartisan Budget Act of 2018 (BBA) retroactively extended a number of tax provisions through 2017 for individual taxpayers. Let’s take a look at five of them. 1. Mortgage Insurance Premiums Homeowners with less than 20 percent equity in their homes are...

Hurricane Victims may Qualify for EITC

by TaxGenuity Tax Experts | Mar 31, 2018 | Tax Advice

Taxpayers whose incomes dropped in 2017 due to last year’s hurricanes–especially those who lived in areas affected by Hurricanes Harvey, Irma and Maria–may be eligible for the Earned Income Tax Credit (EITC). The EITC is a credit for low and moderate...

Do you Qualify for a Healthcare Exemption?

by TaxGenuity Tax Experts | Mar 29, 2018 | Tax Advice

With the 2018 tax filing season in full swing, it’s not too early to think about how the health care law affects your taxes. The Affordable Care Act requires you and each member of your family to do at least one of the following: Have qualifying health coverage...

There’s Still Time to Make a 2017 IRA Contribution

by TaxGenuity Tax Experts | Mar 26, 2018 | Tax Advice

If you haven’t contributed funds to an Individual Retirement Arrangement (IRA) for tax year 2017, 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 17 due...

Revised Form W-4: Check your Withholding

by TaxGenuity Tax Experts | Mar 23, 2018 | Tax Advice

The Tax Cuts and Jobs Act made changes to the tax law, including increasing the standard deduction, removing personal exemptions, increasing the child tax credit, limiting or discontinuing certain deductions and changing the tax rates and brackets. As such, a new...