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

Tax Planning for Small Business Owners

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

Tax planning is the process of looking at various tax options to determine when, whether, and how to conduct business and personal transactions to reduce or eliminate tax liability. Many small business owners ignore tax planning and don’t even think about their...

Filing an Amended Return

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

What should you do if you already filed your federal tax return and then discover a mistake? First of all, don’t worry. In most cases, all you have to do is file an amended tax return. But before you do that, here is what you should be aware of when filing an...

Tax Rules for Children With Investment Income

by TaxGenuity Tax Experts | May 31, 2017 | Tax Advice

Children who receive investment income are subject to special tax rules that affect how parents must report a child’s investment income. Some parents can include their child’s investment income on their tax return, while other children may have to file...

Tax Tips for Farmers

by TaxGenuity Tax Experts | May 28, 2017 | Tax Advice

Are you in the farming business or thinking about it? If so, you should be aware that there may be tax benefits available for you come tax time. Farms include plantations, ranches, ranges, and orchards. Farmers may raise livestock, poultry or fish, or grow fruits or...

Business Expenses – Tips for Employees

by TaxGenuity Tax Experts | May 25, 2017 | Tax Advice

If you pay for work-related expenses out of your own pocket, you may be able to deduct those costs. In most cases, you can claim allowable expenses if you itemize on IRS Schedule A, Itemized Deductions. You can deduct the amount that is more than two percent of your...

Top Ten Facts about Adoption Tax Benefits

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

If you adopt a child in 2017, you may qualify for a tax credit. If your employer helped pay for the costs of an adoption, you may be able to exclude some of your income from tax. Here are ten things you should know about adoption tax benefits. 1. Credit or Exclusion....

Late Filing and Late Payment Penalties

by TaxGenuity Tax Experts | May 19, 2017 | Tax Advice

April 18 was the deadline for most people to file their federal income tax return and pay any taxes they owe. The bad news is that if you missed the deadline (for whatever reason) you may be assessed penalties for both failing to file a tax return and for failing to...