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

Tax Benefits for Parents

by TaxGenuity Tax Experts | Apr 27, 2017 | Tax Advice

Taxpayers with children may qualify for certain tax benefits. Parents should consider child-related tax benefits when filing their federal tax return: 1. Dependent. Most of the time, taxpayers can claim their child as a dependent. Taxpayers can generally deduct $4,050...

Medical and Dental Expenses May Impact Your Taxes

by TaxGenuity Tax Experts | Apr 21, 2017 | Tax Advice

Medical expenses can trim taxes. Keeping good records and knowing what to deduct make all the difference. Here are four tips to help taxpayers know what qualifies as medical and dental expenses: 1. Itemize. Taxpayers can only claim medical expenses that they paid for...

Tax Tips for the Self-Employed

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

If you are a self-employed, you normally carry on a trade or business. Sole proprietors and independent contractors are two types of self-employment. If this applies to you, there are a few basic things you should know about how your income affects your federal tax...

Estimated Tax Payments: Q & A

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

Estimated tax is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, alimony, and rent, as well as gains from the sale of assets, prizes and awards. You also may have to pay estimated...

Claiming the Small Business Health Care Tax Credit

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

If you’re a small business owner with fewer than 25 full-time equivalent employees you may be eligible for the small business health care credit. What is the Small Business Health Care Credit? The small business health care tax credit, part of the Patient...

ACA Tax Facts for Individuals and Families

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

The Affordable Care Act contains two provisions that may affect your tax return this year: the individual shared responsibility provision and the premium tax credit. Here’s what you should know: Information Forms: 1095-A, 1095-B, and 1095-C This year marks the...

Should you File an Extension on your Tax Return?

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

If you’ve been procrastinating when it comes to preparing and filing your tax return this year you might be considering filing an extension. While obtaining a 6-month extension to file is relatively easy–and there are legitimate reasons for doing...