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

Valuable Tax Credit Available for Energy-Efficient Homes

by TaxGenuity Tax Experts | Jul 31, 2024 | Tax Advice

Under the Inflation Reduction Act, construction contractors who build or rehab energy-efficient homes may be eligible for a federal tax credit of up to $5,000 per project. To claim the credit, builders are required to construct or substantially rehab a qualified home...

Handle Your 401(k) Rollover With Care

by TaxGenuity Tax Experts | Jul 27, 2024 | Tax Advice

Leaving a job? You may want to roll over funds in your former employer’s 401(k) plan to an IRA. But there’s a tax trap for the unwary. If you receive a 401(k) plan check that’s payable to you personally or if you have a distribution put into a personal account...

Retirement Saving Options for Your Small Business

by TaxGenuity Tax Experts | Jul 24, 2024 | Tax Advice

If you’re looking for a retirement plan for yourself and your employees but worried about the financial commitment and administrative burdens involved, there are some options to consider. One possibility is a Simplified Employee Pension (SEP). This plan, which comes...

HSAs Can Be Powerful Retirement Saving Tools

by TaxGenuity Tax Experts | Jul 21, 2024 | Tax Advice

Health Savings Accounts (HSAs) are tax-advantaged savings vehicles for funding health care expenses not covered by insurance. And for those in relatively good health, they also may serve as attractive retirement savings vehicles. To be eligible to contribute, an...

Boost Your Home Improvements with Tax Credits

by TaxGenuity Tax Experts | Jul 18, 2024 | Tax Advice

For many homeowners, summer means it’s time to tackle home improvement projects. By investing in certain energy-efficient updates, taxpayers not only can lower their power bills but also can score some tax breaks. The Energy Efficient Home Improvement Credit equals...

Renting to Family Members

by TaxGenuity Tax Experts | Jul 15, 2024 | Tax Advice

As rents continue to rise in many areas, you may decide to help your financially challenged family members by renting a property to them at a discount. But this can lead to the loss of significant tax deductions. Here’s a look at the tax treatment that applies...

Does the Corporate Transparency Act Apply to Your Business?

by TaxGenuity Tax Experts | Jul 11, 2024 | Tax Advice

Under the Corporate Transparency Act (CTA), many businesses are subject to new reporting requirements that went into effect on January 1, 2024. That means certain companies are required to provide information related to their “beneficial owners,” that is, the...