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

Choosing a Business Entity

by TaxGenuity Tax Experts | Jan 15, 2018 | Tax Advice

When you decide to start a business, one of the most important decisions you’ll need to make is choosing a business entity. It’s a decision that impacts many things–from the amount of taxes you pay to how much paperwork you have to deal with and what...

Got Debt? How to Improve your Financial Situation

by TaxGenuity Tax Experts | Jan 12, 2018 | Tax Advice

If you are having trouble paying your debts, it is important to take action sooner rather than later. Doing nothing leads to much larger problems in the future, whether it’s a bad credit record or bankruptcy resulting in the loss of assets and even your home. If...

Small Business: Be Alert to Identity Theft

by TaxGenuity Tax Experts | Jan 10, 2018 | Tax Advice

Small business identity theft is a big business for identity thieves. Just like individuals, businesses may have their identities stolen, and their sensitive information used to open credit card accounts or used to file fraudulent tax refunds for bogus refunds. As...

Important Tax Changes for 2018

by TaxGenuity Tax Experts | Jan 8, 2018 | Tax Advice

As the New Year rolls around, it’s always a sure bet that there will be changes to current tax law and 2018 is no different now that many of the tax provisions pursuant to the Tax Cuts and Jobs Act of 2017 (TCJA) are in full effect. From health savings accounts...

Flexible Spending Accounts (FSAs)

by TaxGenuity Tax Experts | Dec 29, 2017 | Tax Advice

Flexible Spending Accounts or FSAs provide employees a way to use tax-free dollars to pay medical expenses not covered by other health plans. Because eligible employees need to decide how much to contribute through payroll deductions before the plan year begins, now...

Tips for Taxpayers: Travel Expenses for Charitable Work

by TaxGenuity Tax Experts | Dec 26, 2017 | Tax Advice

Do you plan to donate your time to charity this holiday season? If travel is part of your charitable giving, for example, driving your personal auto to collect donations from local business, you may be able to these travel expenses on your tax return and lower your...

Take Retirement Plan Distributions by December 31

by TaxGenuity Tax Experts | Dec 22, 2017 | Tax Advice

Taxpayers born before July 1, 1947, generally must receive payments from their individual retirement arrangements (IRAs) and workplace retirement plans by December 31. Known as required minimum distributions (RMDs), typically these distributions must be made by the...