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

Penalty Relief for Witholding, Estimated Tax Shortfalls

by TaxGenuity Tax Experts | Feb 4, 2019 | Tax Advice

The estimated tax penalty has been waived for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year; however, there is a catch: the penalty is only waived for taxpayers who paid at...

Tax Filing Season Begins

by TaxGenuity Tax Experts | Feb 4, 2019 | Tax Advice

January 28, 2019, marked the start of this year’s tax filing season, and it’s the first time taxpayers will be filing under the new tax reform laws, most of which became effective in 2018. Complicating matters is a newly revised Form 1040, U.S. Individual...

Standard Mileage Rates for 2019

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

Starting January 1, 2019, the standard mileage rates for the use of a car, van, pickup or panel truck are as follows: 58 cents per mile driven for business use, up 3.5 cents from the rate for 2018 20 cents per mile driven for medical or moving purposes, up 2 cents...

Like-kind Exchanges are Limited to Real Property

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

The Tax Cuts and Jobs Act, passed in December 2017, made tax law changes that will affect virtually every business and individual in 2018 and the years ahead. One tax provision that taxpayers should be aware of is that like-kind exchanges are now generally limited to...

Employers Beware: Identity Theft and W-2 Scam Alert

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

The 2019 tax season is quickly approaching and with it an increase in identity theft and W-2 scams. Small business identity theft is big business for identity thieves. Just like individuals, businesses may have their identities stolen, and their sensitive information...

The Tax Consequences of Losing your Job

by TaxGenuity Tax Experts | Jan 13, 2019 | Tax Advice

If you’ve lost your job you may have questions surrounding unemployment compensation, severance, and other issues that could affect your tax situation. Here are some answers: Q: What if I receive unemployment compensation? A: Unemployment compensation you...

Tax Tips for Older Americans

by TaxGenuity Tax Experts | Jan 8, 2019 | Tax Advice

Everyone wants to save money on their taxes, and older Americans are no exception. If you’re age 50 or older, here are six tax tips that could help you do just that. 1. Standard Deduction for Seniors. If you and/or your spouse are 65 years old or older and you...