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

Four Things to Know about Net Investment Tax

by TaxGenuity Tax Experts | Nov 28, 2014 | Tax Advice

Certain taxpayers may be subject to the Net Investment Income Tax, which went into effect last year, in 2013. You may owe this tax if you have income from investments and your income for the year is more than certain limits. Here are four things that you should know...

Tax Relief to Drought-Stricken Farmers

by TaxGenuity Tax Experts | Nov 24, 2014 | Tax Advice

The IRS has extended the time that farmers and ranchers have to replace livestock if they were forced to sell it due to exceptional, extreme, or severe drought. If you’re eligible, this may help you defer tax on any gains you received from the forced sales. The...

Tax Tips for Individuals Selling Their Home

by TaxGenuity Tax Experts | Nov 21, 2014 | Tax Advice

If you sell your home and make a profit, do you know that the gain may not be taxable? That’s just one key tax rule that you should know. Here are ten facts to keep in mind if you sell your home this year. 1. If you have a capital gain on the sale of your home,...

Ten Facts about Capital Gains and Losses

by TaxGenuity Tax Experts | Nov 17, 2014 | Tax Advice

When you sell a ‘capital asset,’ the sale usually results in a capital gain or loss. A ‘capital asset’ includes most property you own and use for personal or investment purposes. Here are 10 facts you should know about capital gains and losses:...

Three Most Common Budgeting Errors

by TaxGenuity Tax Experts | Nov 14, 2014 | Tax Advice

When it comes to creating a budget, it’s essential to estimate your spending as realistically as possible. Here are three budget-related errors commonly made by small businesses, and some tips for avoiding them. Not Setting Goals. It’s almost impossible to...

Tips for Taxpayers with Foreign Income

by TaxGenuity Tax Experts | Nov 10, 2014 | Tax Advice

If you are living or working outside the United States, you generally must file and pay your tax in the same way as people living in the U.S. This includes people with dual citizenship. If you’re a taxpayer with foreign income, here’s what you should know:...

Year-End Tax Planning for Businesses

by TaxGenuity Tax Experts | Nov 7, 2014 | Tax Advice

While the fate of several business-related tax extenders that expired at the end of 2013–including R & D credits, bonus depreciation, and Section 179–is uncertain, there are still a number of end of year tax strategies businesses can use to reduce...