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

Small Business and the Affordable Care Act

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

Whether you’re self-employed or run a small business, here’s a quick look at what you need to know about the Affordable Care Act. Self-Employed If you run an income-generating business with no employees, then you’re considered self-employed. You can...

IRS Repeats Warning about Phone Scams

by TaxGenuity Tax Experts | Sep 26, 2014 | Tax Advice

The Internal Revenue Service and the Treasury Inspector General for Tax Administration continue to hear from taxpayers who have received unsolicited calls from individuals demanding payment while fraudulently claiming to be from the IRS. Based on the 90,000 complaints...

Job Search Expenses May Lower Your Taxes

by TaxGenuity Tax Experts | Sep 22, 2014 | Tax Advice

September is often a time of transition, when people decide to make major life decisions–such as changing jobs. If you’re looking for a new job, then you may be able to claim a tax deduction for some of your job hunting expenses–as long as it’s...

Special Tax Benefits for Armed Forces Personnel

by TaxGenuity Tax Experts | Sep 18, 2014 | Tax Advice

Special tax benefits apply to members of the U. S. Armed Forces. For example, some types of pay are not taxable. And special rules may apply to some tax deductions, credits and deadlines. Here are ten of those benefits: 1. Deadline Extensions. Some members of the...

Five Basic Tax Tips for New Businesses

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

If you start a business, one key to success is to know about your federal tax obligations. Not only will you probably need to know about income taxes, you may also need to know about payroll taxes as well. Here are five basic tax tips that can help get your business...

A SIMPLE Retirement Plan for the Self-Employed

by TaxGenuity Tax Experts | Sep 9, 2014 | Tax Advice

Of all the retirement plans available to small business owners, the SIMPLE IRA plan (Savings Incentive Match PLan for Employees) is the easiest to set up and the least expensive to manage. These plans are intended to encourage small business employers to offer...

Renting Out a Vacation Home

by TaxGenuity Tax Experts | Sep 5, 2014 | Tax Advice

Tax rules on rental income from second homes can be complicated, particularly if you rent the home out for several months of the year, but also use the home yourself. There is however, one provision that is not complicated. Homeowners who rent out their property for...