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

Reminder: College Tax Credits for 2016

by TaxGenuity Tax Experts | Dec 18, 2016 | Tax Advice

With another school year in full swing, now is a good time for parents and students to see if they qualify for either of two college tax credits or other education-related tax benefits when they file their 2016 federal income tax returns next year. American...

Choosing a Retirement Destination

by TaxGenuity Tax Experts | Dec 15, 2016 | Tax Advice

With health care, housing, food, and transportation costs increasing every year, many retirees on fixed incomes wonder how they can stretch their dollars even further. One solution is to move to another state where income taxes are lower than the one they currently...

Understanding the Net Investment Income Tax

by TaxGenuity Tax Experts | Dec 12, 2016 | Tax Advice

One of the most significant tax changes affecting higher income taxpayers was the Net Investment Income Tax that went into effect on January 1, 2013. While it tends to affect wealthier individuals most often, in certain circumstances, it can also affect moderate...

Employee or Independent Contractor–Which is it?

by TaxGenuity Tax Experts | Dec 9, 2016 | Tax Advice

If you hire someone for a long-term, full-time project or a series of projects that are likely to last for an extended period, you must pay special attention to the difference between independent contractors and employees. Why It Matters The Internal Revenue Service...

2016 Recap: Tax Provisions for Businesses

by TaxGenuity Tax Experts | Dec 6, 2016 | Tax Advice

Whether you file as a corporation or sole proprietor here’s what business owners need to know about tax changes for 2016. Standard Mileage Rates The standard mileage rates in 2016 are as follows: 54 cents per business mile driven, 19 cents per mile driven for...

2016 Tax Provisions for Individuals: A Review

by TaxGenuity Tax Experts | Dec 3, 2016 | Tax Advice

Many of the tax changes affecting individuals and businesses for 2016 were related to the Protecting Americans from Tax Hikes Act of 2015 (PATH) that modified or made permanent numerous tax breaks (the so-called “tax extenders”). To further complicate...

Tax Relief for Drought-Stricken Farmers

by TaxGenuity Tax Experts | Dec 1, 2016 | Tax Advice

Farmers and ranchers who previously were forced to sell livestock due to drought, like the drought currently affecting much of the nation, have an extended period of time in which to replace the livestock and defer tax on any gains from the forced sales. The relief...