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

Advertising and Marketing Costs May Be Tax Deductible

by TaxGenuity Tax Experts | Nov 17, 2021 | Tax Advice

As a small business owner, you may be able to deduct advertising and marketing expenses that help them bring in new customers and keep existing ones. Even better is that these deductions help small businesses save money on their taxes. Generally, small businesses...

Deferred Tax on Gains From Forced Sales of Livestock

by TaxGenuity Tax Experts | Nov 14, 2021 | Tax Advice

Farmers and ranchers forced to sell livestock due to drought may have an additional year to replace the livestock and defer tax on any gains from the forced sales. Here are some important facts to help farmers understand how the deferral works and their eligibility....

Tips To Avoid Fraud and Scams After a Disaster

by TaxGenuity Tax Experts | Nov 11, 2021 | Tax Advice

Criminals and fraudsters often see disasters as an opportunity to take advantage of victims when they are the most vulnerable, as well as the generous taxpayers who want to help with relief efforts. Generally, these disaster scams start with unsolicited contact...

Shared Custody and Advance Child Tax Credit Payments

by TaxGenuity Tax Experts | Nov 8, 2021 | Tax Advice

Parents who share custody of their children may be confused about how the advance child tax credit payments are distributed. As such, the first step is to remember that these are advance payments of a tax credit that taxpayers expect to claim on their 2021 tax return....

IRS Charges Fee for Estate Closing Letters

by TaxGenuity Tax Experts | Nov 5, 2021 | Tax Advice

Starting October 28, a new $67 user fee will apply to any estate that requests an estate tax closing letter for its federal estate tax return. This closing letter is formally referred to as IRS Letter 627. Background By law, federal agencies are required to charge a...

Individual Taxpayers: Year-end Tax Planning Strategies

by TaxGenuity Tax Experts | Nov 2, 2021 | Tax Advice

With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies that could reduce your tax bill for 2021. General Tax Planning Strategies General tax planning strategies for individuals include accelerating or deferring...

Reporting Gambling Income and Losses

by TaxGenuity Tax Experts | Oct 31, 2021 | Tax Advice

If you aren’t in the trade or business of gambling, you should be aware that gambling winnings are fully taxable and must be reported as income on your tax return. Gambling income includes but isn’t limited to winnings from lotteries, raffles, horse races,...