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

Year-End Tax Planning for Individuals

by TaxGenuity Tax Experts | Nov 3, 2014 | Tax Advice

Once again, tax planning for the year ahead presents more challenges than usual, this time due to the numerous tax extenders that expired at the end of 2013. These tax extenders, which include nonbusiness energy credits and the sales tax deduction that allows...

Tips for Self-Employed Taxpayers

by TaxGenuity Tax Experts | Oct 27, 2014 | Tax Advice

If you are an independent contractor or run your own business, there are a few basic things to know when it comes to your federal tax return. Here are six tips you should know about income from self-employment: Self-employment income can include income you received...

Six Tips on Gambling Income and Losses

by TaxGenuity Tax Experts | Oct 23, 2014 | Tax Advice

Whether you play the lottery, roll the dice, play cards, or bet on the ponies, all of your gambling winnings are taxable and must be reported on your tax return. If you’re a casual gambler, here’s what you need to know about figuring gambling income and...

Tips on Travel While Giving to Charity

by TaxGenuity Tax Experts | Oct 19, 2014 | Tax Advice

Do you plan to donate your services to charity this this year? Will you travel as part of the service? If so, some travel expenses may help lower your taxes when you file your tax return next year. Here are five tax tips you should know if you travel while giving your...

Reduce Your Taxes with Miscellaneous Deductions

by TaxGenuity Tax Experts | Oct 15, 2014 | Tax Advice

If you itemize deductions on your tax return, you may be able to deduct certain miscellaneous expenses, which might reduce your federal income tax. Examples include employee expenses and fees you pay for tax advice. If you itemize, these deductions could lower your...

Which Moving Expenses are Deductible?

by TaxGenuity Tax Experts | Oct 11, 2014 | Tax Advice

If you moved due to a change in your job or business location or because you started a new job or business, you may be able to deduct your reasonable moving expenses. Additionally, if you meet the requirements of the tax law for the deduction of moving expenses, you...

Hobby or Business? Why It Matters

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

Millions of Americans have hobbies such as sewing, woodworking, fishing, gardening, stamp and coin collecting, but when that hobby starts to turn a profit, it might just be considered a business by the IRS. Definition of a Hobby vs. a Business The IRS defines a hobby...