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

Five Tips for Starting a Business

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

When you start a business, you need to know about income taxes, payroll taxes, understanding your tax obligations, and much more. Here are five tips to help you get your business off to a good start: 1. Business Structure. One of the first decisions you need to make...

Lending Money to a Friend? It Pays to Plan Ahead

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

Lending money to a cash-strapped friend or family member is a noble and generous offer that just might make a difference. But before you hand over the cash, you need to plan ahead to avoid tax complications for yourself down the road. Take a look at this example:...

Cash Flow Management: the Secret to Success

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

Cash flow is the lifeblood of any small business. Some business experts even say that a healthy cash flow is more important than your business’s ability to deliver its goods and services. While that might seem counterintuitive, consider this: if you fail to...

IRS Warns of Fake Tax Bill Emails

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

Numerous reports of scammers sending fraudulent CP2000 Notices for tax-year 2015 have been received by the IRS, resulting in an investigation by the Treasury Inspector General for Tax Administration. The notice relates to the Affordable Care Act (ACA) and requests...

Choosing the Right Business Entity

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

One of the most important decisions you’ll make when deciding to start a business is choosing the right business entity. It’s a decision that impacts many things–from the amount of taxes you pay to how much paperwork you have to deal with and what...

Small Business Health Care Tax Credit: The Facts

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

As a small employer, you may be eligible for a tax credit that lets you keep more of your hard-earned money. It’s called the small business health care tax credit, and it benefits employers that: offer coverage through the small business health options program,...

Bitcoins Treated as Property for Tax Purposes

by TaxGenuity Tax Experts | Sep 28, 2016 | Tax Advice

Many retailers and online businesses now accept virtual currency for sales transactions. Despite IRS issuing a set of FAQs last year regarding virtual currency, the U.S. federal tax implications remain relatively unknown to many retailers. If you’re a retailer...