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

Keep Track of Miscellaneous Deductions

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

Miscellaneous deductions such as certain work-related expenses you paid for as an employee can reduce your tax bill, but you must itemize deductions when you file to claim these costs. If you usually claim the standard deduction, think about itemizing instead because...

Understanding the Gift Tax

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

If you gave money or property to someone as a gift, you may wonder about the federal gift tax. Many gifts are not subject to the gift tax. Here are seven tax tips about gifts and the gift tax. 1. Nontaxable Gifts. The general rule is that any gift is a taxable gift....

Virtual Currency Treated as Property for Tax Purposes

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

Many retailers and online businesses now accept virtual currency for sales transactions but the federal tax implications remain relatively unknown to many retailers. If you’re a retailer who accepts virtual currency such as Bitcoins for transactions,...

Ten Key Tax Facts about Home Sales

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

In most cases, gains from sales are taxable. But did you know that if you sell your home, you may not have to pay taxes? Here are ten facts to keep in mind if you sell your home this year. 1. Exclusion of Gain. You may be able to exclude part or all of the gain from...

Who Can Represent You Before the IRS?

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

Many people use a tax professional to prepare their taxes. Anyone who prepares, or assists in preparing, all or substantially all of a federal tax return for compensation is required to have a valid PTIN. All enrolled agents must also have a valid PTIN. Tax...

Identity Theft: What to Watch out for and What to do

by TaxGenuity Tax Experts | Aug 13, 2017 | Tax Advice

Tax-related identity theft typically occurs when someone uses your stolen Social Security number to file a tax return claiming a fraudulent refund. Anyone can fall victim to identity theft. Here is an important reminder of how to protect yourself from identity theft,...

Preparing an Effective Business Plan

by TaxGenuity Tax Experts | Aug 10, 2017 | Tax Advice

Whether you’re starting a new company, seeking additional financing for an existing one, or analyzing a new market, a business plan is a valuable tool. Think of it as your blueprint for success. Not only will it clarify your business vision and goals, but it...