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

Qualified Small Business Stock Exclusion

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

As the driving force in today’s economy, small businesses benefit from numerous tax breaks in the tax code. One of these, the Qualified Small Business Stock (QSBS), was just made permanent, thanks to the passage of the PATH Act (Protecting Americans from Tax...

Filing an Amended Tax Return

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

What should you do if you already filed your federal tax return and then discover a mistake? First of all, don’t worry. In most cases, all you have to do is file an amended tax return. But before you do that, here is what you should be aware of when filing an...

Minimizing Tax on Mutual Fund Activities

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

Whether you’re new to mutual funds or a seasoned investor who wants to learn more, these tips will help you avoid the tax bite on mutual fund investments. How are distributions from mutual funds taxed? Tax law generally treats mutual fund shareholders as if they...

Tips for Deducting Medical and Dental Expenses

by TaxGenuity Tax Experts | May 31, 2016 | Tax Advice

If you, your spouse or dependents have significant medical or dental costs in 2016, you may be able to deduct those expenses when you file your tax return. Here are eight things you should know about medical and dental expenses and other benefits. 1. You must itemize....

Nine Facts about the Adoption Tax Credit

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

If you adopting a child this year, you may qualify for a tax credit. Here are nine things you should know about the adoption credit. 1. Credit or Exclusion. The credit is nonrefundable. This means that the credit may reduce your tax to zero. If the credit is more than...

Five Things you Should Know about the AMT

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

You may not know about the Alternative Minimum Tax (AMT) because you’ve never had to pay it before. However, your income may have changed and you may be required to pay it when you file your 2016 tax return next year. The AMT is an income tax imposed at nearly a...

Tax Tips for Children with Investment Income

by TaxGenuity Tax Experts | May 20, 2016 | Tax Advice

Special tax rules may apply to some children who receive investment income. The rules may affect the amount of tax and how to report the income. Here are five important points to keep in mind if your child has investment income this year: 1. Investment Income....