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

Understanding the Gift Tax

by TaxGenuity Tax Experts | Sep 26, 2016 | Tax Advice

If you gave money or property to someone as a gift, you may wonder about the federal gift tax. Many gifts are not subject to the gift tax. Here are seven tax tips about gifts and the gift tax. 1. Nontaxable Gifts. The general rule is that any gift is a taxable gift....

Renting Out Your Vacation Home

by TaxGenuity Tax Experts | Sep 23, 2016 | Tax Advice

Renting out a vacation property to others can be profitable. If you do this, you must normally report the rental income on your tax return. You may not have to report the rent, however, if the rental period is short and you also use the property as your home. If...

Don’t Wait to File an Extended Return

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

If you filed for an extension of time to file your 2015 federal tax return and you also chose to have advance payments of the premium tax credit made to your coverage provider, it’s important you file your return sooner rather than later. Here are four things...

Tax Records: Which Ones to Toss and When

by TaxGenuity Tax Experts | Sep 19, 2016 | Tax Advice

Now is a great time to clean out that growing mountain of financial papers and tax documents that clutter your home and office. Here’s what you need to keep and what you can throw out. Let’s start with your “safety zone,” the IRS statute of...

Small Business: Deductions for Charitable Giving

by TaxGenuity Tax Experts | Sep 16, 2016 | Tax Advice

Tax breaks for charitable giving aren’t limited to individuals, your small business can benefit as well. If you own a small to medium size business and are committed to giving back to the community through charitable giving, here’s what you should know. 1....

Tax Planning for Small Business Owners

by TaxGenuity Tax Experts | Sep 14, 2016 | Tax Advice

Tax planning is the process of looking at various tax options to determine when, whether, and how to conduct business transactions to reduce or eliminate tax liability. Many small business owners ignore tax planning. They don’t even think about their taxes until...

Deducting Business-Related Car Expenses

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

Whether you’re self-employed or an employee, if you use a car for business, you get the benefit of tax deductions. There are two choices for claiming deductions: Deduct the actual business-related costs of gas, oil, lubrication, repairs, tires, supplies,...