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

Your Return Is Filed! 3 Things to Keep in Mind Post-Filing

by TaxGenuity Tax Experts | Aug 2, 2025 | Tax Advice

Most people feel some relief after filing their income tax returns each year. But even if you’ve successfully filed your 2024 return, you may still have questions. Here are three common ones. 1. What’s the Status of Your Refund? You can learn the status of...

The High Cost of Worker Misclassification: Tax Implications and Risks

by TaxGenuity Tax Experts | Aug 1, 2025 | Tax Advice

The consequences of misclassifying an employee as an independent contractor can be costly. You could be liable for back taxes (including the employee’s shares of unpaid payroll and income taxes), penalties and interest. There may be serious nontax consequences as...

Combine a Business Outing with Tax Breaks

by TaxGenuity Tax Experts | Jul 31, 2025 | Tax Advice

Summer is here, and you may be planning a picnic or other outing for your employees. When doing so, keep tax deductions in mind. Most entertainment expenses aren’t deductible, and business meals are generally subject to a 50% deduction limit. But, you may be able to...

Sending the Kids to Day Camp this Summer?

by TaxGenuity Tax Experts | Jul 30, 2025 | Tax Advice

If your child is going to a summer day camp while you work, it may count as an expense toward the federal Child and Dependent Care Credit. For one qualifying child under age 13, you may annually use up to $3,000 of eligible child care expenses, including day camp...

Marriage and Taxes: Key Changes After Saying ‘I Do’

by TaxGenuity Tax Experts | Jul 29, 2025 | Tax Advice

It may not be as fun to plan as the wedding venue, invitations and attire, but marriage can result in changes affecting essential tax issues that need prompt attention following the wedding: Name. If your name has changed, report it to the Social Security...

Invest in Your Kids’ or Grandkids’ Future with Help from the Tax Code

by TaxGenuity Tax Experts | Jul 28, 2025 | Tax Advice

If you’re thinking about helping a child or grandchild pay for school, you’re not alone, and you’re not without help. While families have always saved for education, Section 529 plans have made it easier and more tax-efficient. Tax Advantages With a 529 plan, your...

What’s Your Business Exit Strategy?

by TaxGenuity Tax Experts | Jul 27, 2025 | Tax Advice

Ever since you became a business owner, you’ve focused on growing revenue, managing expenses and leveraging tax advantages. But don’t overlook a critical element of your long-term financial well-being, that is, a business exit strategy. Ideally, your exit strategy...