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

Phone Scam Alert: Fake Certified Letters

by TaxGenuity Tax Experts | Jul 18, 2017 | Tax Advice

Taxpayers should be aware of the most recent scam linked to the Electronic Federal Tax Payment System (EFTPS), where fraudsters call to demand an immediate tax payment through a prepaid debit card. In the latest twist, the scammer claims to be from the IRS and tells...

Defer Capital Gains using Like-Kind Exchanges

by TaxGenuity Tax Experts | Jul 15, 2017 | Tax Advice

If you’re a savvy investor, you probably know that you must generally report as income any mutual fund distributions whether you reinvest them or exchange shares in one fund for shares of another. In other words, you must report and pay any capital gains tax...

Tax Breaks for Hiring New Employees

by TaxGenuity Tax Experts | Jul 12, 2017 | Tax Advice

If you’re thinking about hiring new employees this year, you won’t want to miss out on these tax breaks. 1. Work Opportunity Credit The Work Opportunity Tax Credit (WOTC) is a federal tax credit for employers that hire employees from the following targeted...

Tax Implications of Crowdfunding

by TaxGenuity Tax Experts | Jul 9, 2017 | Tax Advice

Crowdfunding websites such as Kickstarter, GoFundMe, Indiegogo, and Lending Club have become increasingly popular for both individual fundraising and small business owners looking for start-up capital or funding for creative ventures. The upside is that it’s...

Minimizing Tax on Mutual Fund Activities

by TaxGenuity Tax Experts | Jul 6, 2017 | Tax Advice

Tax law generally treats mutual fund shareholders as if they directly owned a proportionate share of the fund’s portfolio of securities and you must report as income any mutual fund distributions, whether or not they are reinvested. Thus, all dividends and...

Hobby or Business? Why It Matters

by TaxGenuity Tax Experts | Jul 3, 2017 | Tax Advice

Millions of Americans have hobbies such as sewing, woodworking, fishing, gardening, stamp and coin collecting, but when that hobby starts to turn a profit, it might just be considered a business by the IRS. Definition of a Hobby vs. a Business The IRS defines a hobby...

Tips on Tips: Are your Tips Taxable?

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

Do you work at a hair salon, barber shop, casino, golf course, hotel, or restaurant, or do you drive a taxicab? The tip income you receive as an employee from those services is taxable income. Here are some tips about tips: Tips are taxable. Tips are subject to...