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

Employee Business Expenses

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

If you paid for work-related expenses out of your own pocket, you may be able to deduct those costs. In most cases, you can claim allowable expenses if you itemize on IRS Schedule A, Itemized Deductions. You can deduct the amount that is more than two percent of your...

Tax Implications of Retiring Overseas

by TaxGenuity Tax Experts | May 13, 2016 | Tax Advice

Are you approaching retirement age and wondering where you can retire to make your retirement nest egg last longer? Retiring abroad may be the answer. But first, it’s important to look at the tax implications because not all retirement country destinations are...

Lost Your Job? There Could Be Tax Consequences

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

Given current economic conditions, you may be faced with tax questions surrounding a job loss and unemployment issues. Here are some answers: Q: What if I received unemployment compensation in 2016? A: Unemployment compensation you received under the unemployment...

Qualified Charitable Distributions from IRAs

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

If you’re age 70 1/2 or older, you can now take advantage of recent legislation allowing you to avoid paying income tax on IRA withdrawals transferred directly to a qualified charitable organization. Referred to as Qualified Charitable Distributions (QCDs), they...

Tax Planning Strategies to Use This Year

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

Looking to save money on your taxes this year? It’s never too early to start planning ahead using these proven tax planning strategies. Max Out Your 401(k) or Contribute to an IRA You’ve heard it before, but it’s worth repeating because it’s...

What to Do if You Haven’t Filed a Tax Return

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

Filing a past due return may not be as difficult as you think. Taxpayers should file all tax returns that are due, regardless of whether full payment can be made with the return. Depending on an individual’s circumstances, a taxpayer filing late may qualify for...

Tax Tips for the Self-Employed

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

If you are a self-employed, you normally carry on a trade or business. Sole proprietors and independent contractors are two types of self-employment. If this applies to you, there are a few basic things you should know about how your income affects your federal tax...