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

Deducting Business-related Car Expenses

by TaxGenuity Tax Experts | Jul 19, 2022 | Tax Advice

If you’re self-employed and use your car for business, you can deduct certain business-related car expenses. The first thing small business owners need to know is that there are two options for claiming deductions: Actual Expenses. To use the actual expense...

What to Know If You’re Selling Your Home This Year

by TaxGenuity Tax Experts | Jul 17, 2022 | Tax Advice

In most cases, gains from sales are taxable. But did you know that if you sell your home, you may not have to pay taxes? Here are ten facts to remember if you sell your home this year. 1. Exclusion of Gain. You may be able to exclude part or all of the gain from the...

Preparing for Hurricanes and Other Natural Disasters

by TaxGenuity Tax Experts | Jul 15, 2022 | Tax Advice

The Atlantic hurricane season officially began in June, so now is a good time for individuals, organizations, and businesses to make or update their emergency plans. Here are five steps taxpayers can take to safeguard their tax records before disaster strikes: 1....

Dirty Dozen Tax Scams for 2022

by TaxGenuity Tax Experts | Jul 13, 2022 | Tax Advice

The “Dirty Dozen” is a list of common tax scams that target taxpayers. Compiled and issued annually by the IRS, it includes a number of aggressive and evolving schemes that taxpayers should avoid. Let’s take a look at this year’s “Dirty...

What Are IRS Notices CP2100 And CP2100A?

by TaxGenuity Tax Experts | Jul 12, 2022 | Tax Advice

If you received a CP2100 or CP2100A notice from the IRS this year, don’t ignore it. Here’s what you need to know: In mid-April 2022, the Internal Revenue Service began sending CP2100 and CP2100A notices to financial institutions, businesses, or payers who...

Choosing a Payroll Service Provider

by TaxGenuity Tax Experts | Jul 11, 2022 | Tax Advice

When choosing a payroll service provider to handle payroll and payroll tax, employers need to make sure they choose a trusted payroll service that can help them avoid missed deposits for employment taxes and other unpaid bills. Typically, these clients remain legally...

HSA Limits Increase Significantly for 2023

by TaxGenuity Tax Experts | Jul 10, 2022 | Tax Advice

Contributions to a Health Savings Account (HSA) are used to pay the account owner’s current or future medical expenses, their spouse, and any qualified dependent and are adjusted annually for inflation. For 2023, the annual inflation-adjusted contribution limit...