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

Tax Benefits for Higher Education

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

Many tax benefits are available to help you pay higher education costs, whether for your children or yourself. Let’s take a look at what’s available and how you can take advantage of these benefits to ease the financial burden of paying for education....

Lending Money? Make it a Tax-Smart Loan

by TaxGenuity Tax Experts | Oct 6, 2015 | Tax Advice

Lending money to a cash-strapped friend or family member is a noble and generous offer that just might make a difference. But before you hand over the cash, you need to plan ahead to avoid tax complications down the road. Let’s say you decide to loan $5,000 to...

Is Canceled Debt Taxable?

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

Generally, debt that is forgiven or canceled by a lender is considered taxable income by the IRS and must be included as income on your tax return. Examples include a debt for which you are personally liable such as mortgage debt, credit card debt, and in some...

Ten Key Tax Facts about Home Sales

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

In most cases, gains from sales are taxable. But did you know that if you sell your home, you may not have to pay taxes? Here are ten facts to keep in mind if you sell your home this year. 1. Exclusion of Gain. You may be able to exclude part or all of the gain from...

Keep Track of Miscellaneous Deductions

by TaxGenuity Tax Experts | Sep 24, 2015 | Tax Advice

Miscellaneous deductions such as certain work-related expenses you paid for as an employee can reduce your tax bill, but you must itemize deductions when you file to claim these costs. If you usually claim the standard deduction, think about itemizing instead because...

It’s Time for a Premium Tax Credit Checkup

by TaxGenuity Tax Experts | Sep 20, 2015 | Tax Advice

If you have insurance through the Health Insurance Marketplace, you may be getting advance payments of the premium tax credit. These are paid directly to your insurance company to lower your monthly premium. Changes in your income or family size may affect your...

Early Retirement Plan Withdrawals and your Taxes

by TaxGenuity Tax Experts | Sep 16, 2015 | Tax Advice

Taking money out early from your retirement plan may trigger an additional tax. Here are six things that you should know about early withdrawals from retirement plans: 1. An early withdrawal normally means taking money from your plan before you reach age 59 1/2. 2. If...