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

Safe Harbor for First Year Passenger Auto Depreciation

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

Under the Tax Cuts and Jobs Act (TCJA), there is an additional first-year depreciation deduction that applies to qualified property, including passenger automobiles, acquired and placed in service after September 27, 2017, and before January 1, 2027. Generally, both...

Five Facts about the Additional Medicare Tax

by TaxGenuity Tax Experts | Mar 27, 2019 | Tax Advice

Some taxpayers may be required to pay an Additional Medicare Tax if their income exceeds certain limits. Here are some things that you should know about this tax: 1. Tax Rate. The Additional Medicare Tax rate is 0.9 percent. 2. Income Subject to Tax. The tax applies...

Is Home Equity Loan Interest still Deductible?

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

The Tax Cuts and Jobs Act has resulted in questions from taxpayers about many tax provisions including whether interest paid on home equity loans is still deductible. The good news is that despite newly-enacted restrictions on home mortgages, taxpayers can often still...

Deadline for Retirement Plan Distributions is April 1

by TaxGenuity Tax Experts | Mar 21, 2019 | Tax Advice

In most cases, taxpayers who turned 70 1/2 during 2018 must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by Monday, April 1, 2019. The April 1 deadline applies to owners of traditional...

Taxable vs. Nontaxable Income

by TaxGenuity Tax Experts | Mar 18, 2019 | Tax Advice

All income is taxable unless the law specifically excludes it, but as you might have guessed, there’s more to it than that. With that in mind, let’s take a closer look at taxable vs. nontaxable income. Taxable Income Taxable income includes any money you...

Report Name Changes before Filing Taxes

by TaxGenuity Tax Experts | Mar 15, 2019 | Tax Advice

All of the names on a taxpayer’s tax return must match Social Security Administration records because a name mismatch can delay a tax refund. Here’s what you should do if anyone listed on their tax return changed their name: 1. Reporting Taxpayer’s...

Pros and Cons of Filing a Tax Extension

by TaxGenuity Tax Experts | Mar 12, 2019 | Tax Advice

Obtaining a 6-month extension to file is relatively easy and there are legitimate reasons for doing so; however, there are also a few downsides. If you need more time to file your tax return this year, here’s what you need to know about filing an extension. What...