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

Standard Mileage Rates for 2017

by TaxGenuity Tax Experts | Jan 30, 2017 | Tax Advice

Beginning on Jan. 1, 2017, the standard mileage rates for the use of a car, van, pickup or panel truck are: 53.5 cents per mile for business miles driven, down from 54 cents for 2016 17 cents per mile driven for medical or moving purposes, down from 19 cents for 2016...

Early Retirement Distributions and Your Taxes

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

Taxpayers may sometimes find themselves in situations when they need to withdraw money from their retirement plan early. What they may not realize is that taking money out early from your retirement plan may trigger an additional tax. Here are 10 things taxpayers...

Special Tax Breaks for U. S. Armed Forces

by TaxGenuity Tax Experts | Jan 24, 2017 | Tax Advice

Military personnel and their families face unique life challenges with their duties, expenses and transitions. As such, active members of the U.S. Armed Forces should be aware of all the special tax benefits that are available to them. Here are 10 of them: 1. Moving...

Tax Brackets, Deductions, and Exemptions for 2017

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

More than 50 tax provisions, including the tax rate schedules and other tax changes are adjusted for inflation in 2017. Let’s take a look at the ones most likely to affect taxpayers like you. The tax rate of 39.6 percent affects singles whose income exceeds...

Earlier Filing Deadlines in 2017 for Forms W-2 and 1099

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

Starting in 2017 employers and small businesses face an earlier filing deadline of January 31 for Forms W-2. The new January 31 filing deadline also applies to certain Forms 1099-MISC reporting non-employee compensation such as payments to independent contractors....

Tax Tips for Older Americans

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

Everyone wants to save money on their taxes, and older Americans are no exception. If you’re age 50 or older, here are seven tax tips that could help you do just that. 1. Standard Deduction for Seniors. If you and/or your spouse are 65 years old or older and you...

Is Canceled Debt Taxable?

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

Generally, debt that is forgiven or canceled by a lender is considered taxable income by the IRS and must be included as income on your tax return. Examples include a debt for which you are personally liable such as mortgage debt, credit card debt, and in some...