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

We Have TaxGenuity!

by TaxGenuity Tax Experts | Dec 10, 2015 | Tax Advice

Happy Holidays From Mensa Tax Experts! We Wish You and Your Family the Very Best for a Happy and Healthy Holiday Season. HOT NEWS: As the new year approaches, Mensa Tax Experts is taking a new name: TaxGenuity, Inc. – Tax Experts & IRS Problem Solvers...

Employee or Independent Contractor – Which Is It?

by TaxGenuity Tax Experts | Dec 7, 2015 | Tax Advice

If you hire someone for a long-term, full-time project or a series of projects that are likely to last for an extended period, you must pay special attention to the difference between independent contractors and employees. Why It Matters The Internal Revenue Service...

2015 Tax Provisions for Businesses: A Review

by TaxGenuity Tax Experts | Dec 4, 2015 | Tax Advice

Whether you file as a corporation or sole proprietor here’s what business owners need to know about tax changes for 2015. Standard Mileage Rates The standard mileage rates in 2015 are as follows: 57.5 cents per business mile driven, 23 cents per mile driven for...

2015 Tax Provisions for Individuals: A Review

by TaxGenuity Tax Experts | Dec 1, 2015 | Tax Advice

2015 Tax Provisions for Individuals: A Review From tax credits and educational expenses to the AMT, many of the tax changes affecting individuals for 2015 were related to the signing of the American Taxpayer Relief Act (ATRA) in 2013–tax provisions that were...

Time to Check Withholding

by TaxGenuity Tax Experts | Nov 30, 2015 | Tax Advice

Income tax is often withheld from wages and other types of income such as pensions, bonuses, commissions and gambling winnings. Ideally, taxpayers should try to match their withholding with their actual tax liability. If not enough tax is withheld, they will owe tax...

Tax Relief to Drought-Stricken Farmers

by TaxGenuity Tax Experts | Nov 23, 2015 | Tax Advice

Farmers and ranchers who previously were forced to sell livestock due to drought, like the drought currently affecting much of the nation, have an extended period of time in which to replace the livestock and defer tax on any gains from the forced sales. The one-year...

Individual Shared Responsibility Provision

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

The Affordable Care Act includes the individual shared responsibility provision that requires you, your spouse, and your dependents to have qualifying health insurance for the entire year, report a health coverage exemption, or make a payment when you file. Who is...