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

Starting a Business? Three Things You Must Know

by TaxGenuity Tax Experts | Jun 28, 2013 | Tax Advice

Starting a new business is a very exciting and busy time. There is so much to be done and so little time to do it in. If you expect to have employees, there are a variety of federal and state forms and applications that will need to be completed to get your business...

Eight Ways Children Lower Your Taxes

by TaxGenuity Tax Experts | Jun 23, 2013 | 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...

Sell Your Home But Keep the Profits

by TaxGenuity Tax Experts | Jun 11, 2013 | Tax Advice

If you’re looking to sell your home this year, then it may be time to take a closer look at the exclusion rules and cost basis of your home in order to reduce your taxable gain on the sale of a home. The IRS home sale exclusion rule now allows an exclusion of a...

Net Investment Income Tax: What You Need to Know

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

Now that the 2012 tax season is over, it’s time to focus on tax planning for 2013. One of the most significant tax changes this year is the Net Investment Income Tax (NIIT), which went into effect on January 1, 2013 as a result of health care reform enacted in...

Check Your Withholdings

by TaxGenuity Tax Experts | May 26, 2013 | Tax Advice

With seven months still remaining in the calendar year, it’s a great time to double check your federal withholding. Most people have taxes withheld from each paycheck or pay taxes on a quarterly basis through estimated tax payments. But each year millions of...

Eight Facts on Late Filing and Late Payment Penalties

by TaxGenuity Tax Experts | May 14, 2013 | Tax Advice

April 15 is the annual deadline for most people to file their federal income tax return and pay any taxes they owe. If, for whatever reason, you missed the deadline you may be assessed penalties for both failing to file a tax return and for failing to pay taxes they...

What to Do If You Haven’t Filed an Income Tax Return

by TaxGenuity Tax Experts | May 6, 2013 | Tax Advice

Filing a past due return may not be as difficult as you think. Taxpayers should file all tax returns that are due, regardless of whether full payment can be made with the return. Depending on an individual’s circumstances, a taxpayer filing late may qualify for...