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

Ensuring Financial Success for Your Business

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

Can you point your company in the direction of financial success, step on the gas, and then sit back and wait to arrive at your destination? Not quite. You can’t let your business run on autopilot and expect good results. Any business owner knows you need to...

Paying Taxes on Household Help

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

If you employ someone to work for you around your house, it is important to consider the tax implications of this arrangement. While many people disregard the need to pay taxes on household employees, they do so at the risk of paying stiff tax penalties down the road....

Tax Changes for 2017: A Checklist

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

Welcome, 2017! As the New Year rolls around, it’s always a sure bet that there will be changes to current tax law and 2017 is no different. From health savings accounts to tax rate schedules and standard deductions, here’s a checklist of tax changes to...

Seasonal Workers and the Health Care Law

by TaxGenuity Tax Experts | Dec 30, 2016 | Tax Advice

Businesses often need to hire workers on a seasonal or part-time basis. For example, some businesses may need seasonal help for holidays, harvest seasons, commercial fishing, or sporting events. Whether you are getting paid or paying someone else, questions often...

Retirement Contributions Limits Announced for 2017

by TaxGenuity Tax Experts | Dec 27, 2016 | Tax Advice

Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2017 have been announced by the IRS. Here are the highlights: In general, income ranges for determining eligibility to make deductible...

Plan now to take Advantage of Health FSAs in 2017

by TaxGenuity Tax Experts | Dec 24, 2016 | Tax Advice

FSAs provide employees a way to use tax-free dollars to pay medical expenses not covered by other health plans. Because eligible employees need to decide how much to contribute through payroll deductions before the plan year begins, now is when many employers are...

Take Retirement Plan Distributions by December 31

by TaxGenuity Tax Experts | Dec 21, 2016 | Tax Advice

Taxpayers born before July 1, 1946, generally must receive payments from their individual retirement arrangements (IRAs) and workplace retirement plans by December 31. Known as required minimum distributions (RMDs), typically these distributions must be made by the...