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

Understanding the Gift Tax

by TaxGenuity Tax Experts | Nov 23, 2018 | Tax Advice

If you gave money or property to someone as a gift, you might owe federal gift tax. Many gifts are not subject to the gift tax, but there are exceptions. Here are eight tips you can use to figure out whether your gift is taxable. 1. Most gifts are not subject to the...

Business Expense Deductions for Meals, Entertainment

by TaxGenuity Tax Experts | Nov 21, 2018 | Tax Advice

As the end of year approaches, taxpayers should be reminded that business expense deduction for meals and entertainment have changed due to tax law changes in the Tax Cuts and Jobs Act (TCJA). Until proposed regulations clarifying when business meal expenses are...

Section 199A: Qualified Business Income Deduction

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

Thanks to tax reform legislation passed in December 2017, eligible taxpayers may now deduct up to 20 percent of certain business income from qualified domestic businesses, as well as certain dividends. Eligible taxpayers can claim the deduction for the first time on...

Making Tax Smart Loans to Family and Friends

by TaxGenuity Tax Experts | Nov 17, 2018 | Tax Advice

Lending money to a cash-strapped friend or family member is a noble and generous offer that just might make a difference. But before you hand over the cash, you need to plan ahead to avoid tax complications for yourself down the road. Take a look at this example:...

Tax Benefits of Health Savings Accounts

by TaxGenuity Tax Experts | Nov 15, 2018 | Tax Advice

While similar to FSAs (Flexible Savings Plans) in that both allow pre-tax contributions, Health Savings Accounts or HSAs offer taxpayers several additional tax benefits such as contributions that roll over from year to year (i.e., no “use it or lose it”),...

Year-End Tax Planning for Businesses

by TaxGenuity Tax Experts | Nov 13, 2018 | Tax Advice

There are a number of end of year tax planning strategies that businesses can use to reduce their tax burden for 2018. Here are a few of them: Deferring Income Businesses using the cash method of accounting can defer income into 2019 by delaying end-of-year invoices,...

Year-End Tax Planning for Individuals

by TaxGenuity Tax Experts | Nov 11, 2018 | Tax Advice

Once again, tax planning for the year ahead presents a number of challenges, this year, primarily due to tax laws changes brought about the passage of the Tax Cuts and Jobs Act of 2018. These changes include the nearly doubling of the standard deduction, elimination...