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

Watch out for Scams during Hurricane Season

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

Hurricane season runs June 1 to November 30. With hurricane season well underway, taxpayers should watch out for disaster-related scams carried out by criminals and scammers who often try to take advantage of the generosity of taxpayers wanting to help victims of...

Avoid Delays: Renew ITINs Expiring in 2018 Now

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

Under the Protecting Americans from Tax Hikes (PATH) Act, Individual Taxpayer Identification Numbers (ITINs) that have not been used on a federal tax return at least once in the last three consecutive years will expire December 31, 2018. In addition, ITINs with middle...

Some Veterans Eligible for Refunds from Overpayment

by TaxGenuity Tax Experts | Aug 20, 2018 | Tax Advice

Certain veterans who received disability severance payments after January 17, 1991, and included that payment as income that they should file Form 1040X, Amended U.S. Individual Income Tax Return, to claim a credit or refund of the overpayment attributable to the...

Good Recordkeeping Benefits your Business

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

Avoid headaches at tax time by keeping track of your receipts and other records throughout the year. Whether you use an excel spreadsheet, an app, an online system or keep your receipts organized in a folding file organized by month, good record-keeping will help you...

Retirement Saving Tips

by TaxGenuity Tax Experts | Aug 14, 2018 | Tax Advice

Though it’s never too late to start, the sooner you begin saving, the more time your money has to grow. Gains each year build on the prior year’s gains–that’s the power of compounding–and the best way to accumulate wealth. Set Realistic...

Managing Cash Flow is Key to Business Success

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

Cash flow is the lifeblood of every small business but many business owners underestimate just how vital managing cash flow is to their business’s success. In fact, a healthy cash flow is more important than your business’s ability to deliver its goods and...

Understanding the Net Investment Income Tax

by TaxGenuity Tax Experts | Aug 8, 2018 | Tax Advice

While the Net Investment Income Tax (NIIT) tends to affect wealthier individuals most often, in certain circumstances, it can also affect moderate-income taxpayers whose income increases significantly in a given tax year. Here’s what you need to know. What is...