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

Small Business Financing: Securing a Loan

by TaxGenuity Tax Experts | Aug 5, 2018 | Tax Advice

At some point, most small businesses owners will visit a bank or other lending institution to borrow money. Understanding what your bank wants, and how to properly approach them, can mean the difference between getting your money for expansion and having to scrape...

Safeguarding Financial Records

by TaxGenuity Tax Experts | Aug 2, 2018 | Tax Advice

Natural disasters such as hurricanes are more common in summer, but tornadoes, floods, and fires can strike at any time. As such, it’s always a good idea to plan for what to do in case of a disaster. Here are some basic steps you can take right now to prepare:...

IRS Debuts New Tax Exempt Organization Search Tool

by TaxGenuity Tax Experts | Jul 30, 2018 | Tax Advice

As hurricane season gets underway–and with it, the possibility of scam groups masquerading as charitable organizations–taxpayers should know about the new tax-exempt organization search tool. Located on the IRS website, the Tax Exempt Organization Search...

Penalty Relief for Transition Tax on Foreign Earnings

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

Section 965 of the Internal Revenue Code, enacted in December 2017, imposes a transition tax on untaxed foreign earnings of foreign corporations owned by U.S. shareholders by deeming those earnings to be repatriated. Foreign earnings held in the form of cash and cash...

Tip Income: Is it Taxable?

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

The short answer is that yes, tips are taxable. If you work at a hair salon, barber shop, casino, golf course, hotel, or restaurant, or drive a taxicab, then the tip income you receive as an employee from those services is considered taxable income. Here are a few...

Small Business Payroll Expenses

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

Federal law requires most employers to withhold federal taxes from their employees’ wages. Whether you’re a small business owner who’s just starting out or one who has been in business a while and is ready to hire an employee or two, here are five...

The Home Office Deduction: What’s New

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

Self-employed taxpayers who use their home for business may be able to deduct expenses for the business use of it. Qualified persons can claim the deduction whether they rent or own their home and can use the simplified option or the regular method to claim a...