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

Important Tax Changes for Individuals and Businesses

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

As the New Year rolls around, it’s always a sure bet that there will be changes to current tax law and 2019 is no different, now that the tax provisions under the Tax Cuts and Jobs Act of 2017 (TCJA) are in full effect. From standard deductions to health savings...

Transition Rule for Rehabilitation Tax Credit

by TaxGenuity Tax Experts | Dec 31, 2018 | Tax Advice

The Rehabilitation Tax Credit offers an incentive for owners to renovate and restore old or historic buildings. Tax reform legislation passed in December 2017 changed when the credit is claimed and provides a transition rule, which is summarized below: 1. The credit...

Tax Transcript Email Scam Alert

by TaxGenuity Tax Experts | Dec 28, 2018 | Tax Advice

Taxpayers should be aware of a new round of fraudulent emails that impersonate the IRS and use tax transcripts as bait to entice users to open documents containing malware. The scam is especially problematic for businesses whose employees might open the emails...

New Depreciation Deduction Benefits Business

by TaxGenuity Tax Experts | Dec 26, 2018 | Tax Advice

Tax reform legislation passed in December 2017 included numerous changes that affect businesses this year. One of them allows businesses to write off most depreciable business assets in the year they place them in service. Here are five facts to help businesses better...

Take Retirement Plan Distributions by December 31

by TaxGenuity Tax Experts | Dec 24, 2018 | Tax Advice

Taxpayers born before July 1, 1948, generally must receive payments from their individual retirement arrangements (IRAs) and workplace retirement plans by December 31. Known as required minimum distributions (RMDs), typically these distributions must be made by the...

Depreciating Farming Business Property

by TaxGenuity Tax Experts | Dec 22, 2018 | Tax Advice

Farmers and ranchers should be aware of changes in how they depreciate their farming business property. These changes took effect in 2018 as a result of tax reform legislation passed in December 2017. Depreciation is an annual income tax deduction that allows a...

Retirement Contributions Limits Announced for 2019

by TaxGenuity Tax Experts | Dec 19, 2018 | Tax Advice

Dollar limitations for pension plans and other retirement-related items for 2019 are as follows: In general, income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth...