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

Six Tips on Gambling Income and Losses

by TaxGenuity Tax Experts | Oct 21, 2013 | Tax Advice

Whether you play the lottery, roll the dice, play cards, or bet on the ponies, all your winnings are taxable. If you’re a casual gambler, here are six tips on figuring gambling income and loss. 1. Gambling income includes winnings from lotteries, raffles, horse...

Avoid a Tax Surprise: Check Federal Tax Withholding

by TaxGenuity Tax Experts | Oct 17, 2013 | Tax Advice

Some people are surprised to learn they’re due a large federal income tax refund when they file their taxes. Others are surprised that they owe more taxes than they expected. If this has happened to you, then it’s time to check your federal tax withholding...

Tax Relief for Those Affected By Natural Disasters

by TaxGenuity Tax Experts | Oct 13, 2013 | Tax Advice

With floods, tornadoes, hurricanes, earthquakes, and other natural disasters affecting so many people throughout the US this year, many have been left wondering how they’re going to pay for the cleanup or when their businesses will be able to reopen. The good...

Hobby or Business? Why It Matters

by TaxGenuity Tax Experts | Oct 9, 2013 | 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...

Lending Money to Family? Make it a Tax-Smart Loan

by TaxGenuity Tax Experts | Oct 5, 2013 | Tax Advice

Lending money to a cash-strapped family member or friend 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...

Tax Provisions of the Affordable Care Act

by TaxGenuity Tax Experts | Oct 1, 2013 | Tax Advice

The Patient Protection and Affordable Care Act of 2010, in concert with the enactment of the Health Care and Education Tax Credits Reconciliation Act of 2010, resulted in a number of changes to the US tax code. As such there are a number of tax implications for...

Government Shutdown Affects Taxpayers

by TaxGenuity Tax Experts | Oct 1, 2013 | Tax Advice

October 1, 2013 marked the first day of the shutdown of the federal government–the first since 1995-1996. Without a clear idea of how long this “lapse in appropriations” is expected to continue, here’s a look at how taxpayers are affected....