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

What to Do if You Missed the Tax Deadline

by TaxGenuity Tax Experts | May 5, 2019 | Tax Advice

Monday, April 15, 2019, was the tax deadline for most taxpayers to file their tax returns. If you haven’t filed a 2018 tax return yet, it’s not too late. First, gather any information related to income and deductions for the tax years for which a return is...

Fringe Benefit Deductions Change; Affect Business

by TaxGenuity Tax Experts | Apr 30, 2019 | Tax Advice

The Tax Cuts and Jobs Act included a number of tax law changes that affect small businesses such as deductions for fringe benefit, which can affect both a business’s bottom line and its employees’ deductions. Here’s a summary of what these are:...

Don’t Delay: Late Filing and Late Payment Penalties

by TaxGenuity Tax Experts | Apr 28, 2019 | Tax Advice

April 15 was the deadline for most people to file their federal income tax return and pay any taxes they owe. The bad news is that if you missed the deadline (for whatever reason), you may be assessed penalties for both failing to file a tax return and for failing to...

Scam Alert: Fake Calls from Taxpayer Advocate Service

by TaxGenuity Tax Experts | Apr 26, 2019 | Tax Advice

ike clockwork, every year, there’s a new twist on old scams. This year, it is the IRS impersonation phone scam whereby criminals fake calls from the Taxpayer Advocate Service. The TAS is an independent organization within the IRS that help protect your taxpayer...

Reporting Foreign Income

by TaxGenuity Tax Experts | Apr 24, 2019 | Tax Advice

If you are living or working outside the United States, you generally must file and pay your tax in the same way as people living in the U.S. This includes people with dual citizenship. In addition, U.S. taxpayers with foreign accounts exceeding certain thresholds may...

Refundable vs. Non-Refundable Tax Credits

by TaxGenuity Tax Experts | Apr 23, 2019 | Tax Advice

Tax credits can reduce your tax bill or give you a bigger refund, but not all tax credits are created equal. While most tax credits are refundable, some credits are nonrefundable, but before we take a look at the difference between refundable and nonrefundable tax...

The Qualified Small Business Stock Exclusion

by TaxGenuity Tax Experts | Apr 22, 2019 | Tax Advice

As the driving force in today’s economy, small businesses benefit from numerous tax breaks in the tax code. One of these, the Qualified Small Business Stock (QSBS), was made permanent by the PATH Act (Protecting Americans from Tax Hikes Act of 2015). If...