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

Are Social Security Benefits Taxable?

by TaxGenuity Tax Experts | Mar 9, 2019 | 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...

The Small Business Health Care Tax Credit

by TaxGenuity Tax Experts | Mar 6, 2019 | Tax Advice

If you’re a small business owner with fewer than 25 full-time equivalent employees you may be eligible for the small business health care credit. What is the Small Business Health Care Credit? The small business health care tax credit, part of the Patient...

Four Tax Deductions that Disappeared in 2018

by TaxGenuity Tax Experts | Mar 3, 2019 | Tax Advice

Tax reform eliminated a number of deductions that many taxpayers counted on to reduce their taxable income. Here are four that could affect you. 1. Personal Exemptions Personal exemptions enabled individual taxpayers to reduce taxable their income in addition to the...

Five Facts about the Opportunity Zone Tax Incentive

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

Providing tax benefits to investors who invest eligible capital into distressed communities throughout the U.S. and its possessions, Qualified Opportunity Zones (QOZs) were created under the Tax Cuts and Jobs Act of 2017 to spur economic development and job creation....

Who Should File a 2018 Tax Return?

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

Most people file a tax return because they have to, but even if you don’t, there are times when you should–because you might be eligible for a tax refund and not know it. The six tax tips below should help you determine whether you’re one of them. 1....

Avoiding the Penalty on Early Distributions

by TaxGenuity Tax Experts | Feb 16, 2019 | Tax Advice

Many people use IRAs, SEP Plans, SIMPLE IRA plans, and employee-sponsored retirement savings plans such as the 401(k) to save money for their retirement years, but what if you need to tap that money before age 59 1/2? The bad news is that you generally have to pay a...

Seven Common Small Business Tax Myths

by TaxGenuity Tax Experts | Feb 10, 2019 | Tax Advice

The complexity of the tax code generates a lot of folklore and misinformation that could lead to costly mistakes such as penalties for failing to file on time or, on the flip side, not taking advantage of deductions you are legally entitled to take and giving the IRS...