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

Year-End Tax Planning Strategies for Businesses

by TaxGenuity Tax Experts | Nov 5, 2017 | Tax Advice

There are a number of end of year tax planning strategies that businesses can use to reduce their tax burden for 2017. Here are a few of them: Deferring Income Businesses using the cash method of accounting can defer income into 2018 by delaying end-of-year invoices,...

Year-End Tax Planning Strategies for Individuals

by TaxGenuity Tax Experts | Nov 2, 2017 | Tax Advice

Once again, tax planning for the year ahead presents a number of challenges, first and foremost being what tax reform measures (if any) will actually become legislation–and when they take effect (e.g. retroactive to January 1, 2017, or a future date)....

Understanding CP2000 Notices

by TaxGenuity Tax Experts | Oct 30, 2017 | Tax Advice

The CP2000 is a notice commonly mailed to taxpayers through the United States Postal Service. It is generated by the IRS Automated Underreporter Program when income reported from third-party sources such as an employer does not match the income reported on the tax...

Deducting Business-Related Car Expense

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

Whether you’re self-employed or an employee, if you use a car for business, you get the benefit of tax deductions. There are two choices for claiming deductions: Deduct the actual business-related costs of gas, oil, lubrication, repairs, tires, supplies,...

Small Business Tax Tips: Health Care Tax Credit

by TaxGenuity Tax Experts | Oct 23, 2017 | Tax Advice

As a small employer, you may be eligible for a tax credit that lets you keep more of your hard-earned money. It’s called the small business health care tax credit, and it benefits employers that: offer coverage through the small business health options program,...

Tax Tips for Hobbies that Earn Income

by TaxGenuity Tax Experts | Oct 20, 2017 | Tax Advice

Millions of people enjoy hobbies such as stamp or coin collecting, craft making, and horse breeding, but the IRS may also consider them a source of income. As such, if you engage in a hobby that provides a source of income, you must report that income on your tax...

Reporting Gambling Income and Losses

by TaxGenuity Tax Experts | Oct 17, 2017 | Tax Advice

If you gamble, these tax tips can help you at tax time next year: Here’s what you need to know about figuring gambling income and loss. 1. Gambling income. Income from gambling includes winnings from lotteries, raffles, horse races, and casinos. It also includes...