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

10 Tax Breaks Reauthorized for Tax Year 2015

by TaxGenuity Tax Experts | Jan 8, 2016 | Tax Advice

Congress finally took action in late December and passed a tax extender bill formally known as the Protecting Americans from Tax Hikes Act of 2015 (PATH), which was then signed into law. Retroactive to January 1, 2015, many tax provisions were made permanent while...

Tax Changes for 2016: A Checklist

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

Welcome, 2016! As the New Year rolls around, it’s always a sure bet that there will be changes to current tax law and 2016 is no different. From health savings accounts to retirement contributions and standard deductions, here’s a checklist of tax changes...

Health Flexible Spending Arrangements in 2016

by TaxGenuity Tax Experts | Dec 28, 2015 | Tax Advice

Eligible employees should begin planning now to take full advantage of their employer’s health flexible spending arrangement (FSA) during 2016. FSAs provide employees a way to use tax-free dollars to pay medical expenses not covered by other health plans....

Take Retirement Plan Distributions by Dec. 31

by TaxGenuity Tax Experts | Dec 21, 2015 | Tax Advice

Taxpayers born before July 1, 1945, generally must receive payments from their individual retirement arrangements (IRAs) and workplace retirement plans by Dec. 31. Known as required minimum distributions (RMDs), typically these distributions must be made by the end of...

Retirement Contributions Limits Announced for 2016

by TaxGenuity Tax Experts | Dec 18, 2015 | Tax Advice

The Internal Revenue Service has announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2016. In general, the pension plan limitations will not change for 2016 because the increase in the...

Six Tips for Year-End Gifts to Charity

by TaxGenuity Tax Experts | Dec 14, 2015 | Tax Advice

If you’re thinking about making a charitable donation during the holiday season this year and want to claim a tax deduction for your gifts, you must itemize your deductions. This is just one of several tax rules that you should know about before you give....

MyRA Now Available for Eligible Workers

by TaxGenuity Tax Experts | Dec 11, 2015 | Tax Advice

Intended for taxpayers with taxable income, but who lack access to retirement savings plan at work, the myRA program was launched nationwide last month after an initial pilot phase. The program was developed in response to the finding that millions of Americans lack...