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

Recordkeeping for Charitable Contributions

by TaxGenuity Tax Experts | Sep 12, 2015 | Tax Advice

You must keep records to prove the amount of any cash and noncash contributions you make during the year. Which records you must keep depends on the amount you contribute and whether they are cash or property contributions. New recordkeeping requirements were...

Leaving a Business: Which Exit Plan is Best?

by TaxGenuity Tax Experts | Sep 8, 2015 | Tax Advice

Selecting your business successor is a fundamental objective of planning an exit strategy and requires a careful assessment of what you want from the sale of your business and who can best give it to you. There are four ways to leave your business: transfer ownership...

Defer Capital Gains using Like-Kind Exchanges

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

If you’re a savvy investor, you probably know that you must generally report as income any mutual fund distributions whether you reinvest them or exchange shares in one fund for shares of another. In other words, you must report and pay any capital gains tax...

Identity Theft and your Taxes

by TaxGenuity Tax Experts | Aug 27, 2015 | Tax Advice

Tax-related identity theft occurs when someone uses your stolen Social Security number to file a tax return claiming a fraudulent refund. It presents challenges to individuals, businesses, organizations and government agencies, including the IRS. Learning that you are...

Is your Gift is Taxable?

by TaxGenuity Tax Experts | Aug 22, 2015 | Tax Advice

If you gave money or property to someone as a gift, you may owe federal gift tax. Many gifts are not subject to the gift tax, but there are exceptions. Here are eight tips you can use to figure out whether your gift is taxable. 1. Most gifts are not subject to the...

Tax Rules for Children with Investment Income

by TaxGenuity Tax Experts | Aug 17, 2015 | Tax Advice

Children who receive investment income are subject to special tax rules that affect how parents must report a child’s investment income. Some parents can include their child’s investment income on their tax return while other children may have to file...

Eight Ways Children Lower your Taxes

by TaxGenuity Tax Experts | Aug 12, 2015 | Tax Advice

Got kids? They may have an impact on your tax situation. Here are eight tax credits and deductions that can help lower your tax burden. Dependents: In most cases, a child can be claimed as a dependent in the year they were born. Be sure to let us know if your family...