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

The Quirky Math of Partnership Income

by TaxGenuity Tax Experts | Aug 22, 2025 | Tax Advice

When it comes to taxation, partners in a business may find the math a bit puzzling. You may discover that the amount of partnership income you’re taxed on is more than the amount that was distributed to you. That’s a quirk of taxation that lies in the way partnerships...

Closing a Business? Here’s How to Stay on Top of Your Tax Duties

by TaxGenuity Tax Experts | Aug 12, 2025 | Tax Advice

Businesses close for various reasons. Perhaps you’re ready to embark on a welcome change such as retirement or launching a new venture. Or maybe it just no longer makes financial sense to continue operating your current business. Whatever the reason, closing your...

10 Small Business Tax Tips from the IRS

by TaxGenuity Tax Experts | Aug 11, 2025 | Tax Advice

To help ensure small businesses take advantage of all potential tax breaks, the IRS Taxpayer Advocate Service (TAS) summarizes the types of tax you may owe and provides a list of 10 federal tax tips. Among the tips are to separate your business and personal finances,...

What Could Happen if You Don’t File a Required Tax Return?

by TaxGenuity Tax Experts | Aug 10, 2025 | Tax Advice

Taxpayers who are required to file a federal tax return but don’t may be in for a costly surprise. If the IRS receives a document like a Form W-2 indicating taxable income, it may file a Substitute for Return (SFR) on your behalf. Before doing so, the IRS typically...

The Tax Impact of Business Bartering

by TaxGenuity Tax Experts | Aug 9, 2025 | Tax Advice

Bartering is simply the exchange of services or property, and it’s a taxable event. For example, if a computer consultant trades services with an advertising agency, each must report income equal to the fair market value of the services they received, typically the...

Reasons and Rules for Filing an Amended Return

by TaxGenuity Tax Experts | Aug 8, 2025 | Tax Advice

Once a tax return is filed, most people breathe a little easier. But it’s not uncommon to realize too late that something was left off a return, figures were misreported or some other error was made. Accuracy is essential, but, depending on the type of error, an...

Tax-Advantaged Savings Accounts That Benefit Those With Disabilities

by TaxGenuity Tax Experts | Aug 5, 2025 | Tax Advice

Eligible individuals with disabilities and their family members can use Achieving a Better Life Experience (ABLE) accounts to pay for qualified expenses. These are savings or investment accounts that don’t affect eligibility for government assistance programs....