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

ACA Requirements for Employers

by TaxGenuity Tax Experts | Nov 10, 2016 | Tax Advice

The health care law contains tax provisions that affect employers. The size and structure of a workforce–small or large–helps determine which parts of the law apply to which employers. Calculating the number of employees is especially important for...

When Disaster Strikes

by TaxGenuity Tax Experts | Nov 7, 2016 | Tax Advice

Special tax law provisions may help taxpayers and businesses recover financially from the impact of a disaster, especially when the federal government declares their location to be a major disaster area. With hurricanes, floods, and other natural disasters affecting...

Year-End Tax Planning for Businesses

by TaxGenuity Tax Experts | Nov 4, 2016 | Tax Advice

There are a number of end of year tax planning strategies that businesses can use to reduce their tax burden for 2016. Here are a few of them: Deferring Income Businesses using the cash method of accounting can defer income into 2017 by delaying end-of-year invoices...

Year-End Tax Planning for Individuals

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

Tax planning strategies for individuals this year include postponing income and accelerating deductions, as well as careful consideration of timing related investments, charitable gifts, and retirement planning. General tax planning strategies that taxpayers might...

Tax Tips for Reporting Gambling Income and Losses

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

Whether you play the lottery, roll the dice, play cards, or bet on the ponies, all of your gambling winnings are taxable and must be reported on your tax return. If you gamble, these tax tips can help you at tax time next year: Here’s what you need to know about...

Keep Track of Miscellaneous Deductions

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

Miscellaneous deductions such as certain work-related expenses you paid for as an employee can reduce your tax bill, but you must itemize deductions when you file to claim these costs. Many taxpayers claim the standard deduction, but you might pay less tax if you...

Tax Tips for Hobbies that Earn Income

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

Millions of people enjoy hobbies such as stamp or coin collecting, craft making, and horse breeding, but the IRS may also consider them a source of income. As such, if you engage in a hobby that provides a source of income, you must report that income on your tax...