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

Employee Business Expense Deductions: Who Qualifies?

by TaxGenuity Tax Experts | Mar 22, 2022 | Tax Advice

Prior to tax reform, an employee could deduct unreimbursed job expenses, along with certain other miscellaneous expenses, that were more than two percent of adjusted gross income (AGI) as long as they itemized instead of taking the standard deduction. Starting in...

Business Meals Fully Deductible in 2021 and 2022

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

Beginning January 1, 2021, and extending through December 31, 2022, businesses can claim 100% of their food or beverage expenses paid to restaurants as long as the business owner (or an employee of the business) is present when food or beverages are provided, and the...

There’s Still Time To Make an IRA Contribution for 2021

by TaxGenuity Tax Experts | Mar 16, 2022 | Tax Advice

If you haven’t contributed funds to an Individual Retirement Account (IRA) for tax year 2021, or if you’ve put in less than the maximum allowed, you still have time to do so. You can contribute to either a traditional or Roth IRA until the April 18, 2022,...

Reminder: Social Security Benefits May Be Taxable

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

Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable. Generally, you pay federal income taxes on your Social Security benefits only if you have...

Small Business Financing: Securing a Loan

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

At some point, most small business owners will visit a bank or other lending institution to borrow money. Understanding what your bank wants and how to approach them properly can mean the difference between getting a loan for expansion or scrambling to find cash from...

What To Know About the Gig Economy and Your Taxes

by TaxGenuity Tax Experts | Mar 7, 2022 | Tax Advice

The gig economy, also called sharing or access economy, is defined by activities where taxpayers earn income providing on-demand work, services, or goods. This type of work is often carried out via digital platforms such as an app or website. There are many types of...

Tax Breaks for Taxpayers Who Itemize

by TaxGenuity Tax Experts | Mar 4, 2022 | Tax Advice

Many taxpayers opt for the standard deduction, but sometimes itemizing your deductions is the better choice – often resulting in a lower tax bill. Whether you bought a house, refinanced your current home, or had extensive gambling losses, you may be able to take...