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

Filing an Amended Return

by TaxGenuity Tax Experts | Jun 1, 2018 | Tax Advice

What should you do if you already filed your federal tax return and then discover a mistake? First of all, don’t worry. In most cases, all you have to do is file an amended tax return. But before you do that, here is what you should be aware of when filing an...

Taxpayer Rights: Audits and the Right to Finality

by TaxGenuity Tax Experts | May 29, 2018 | Tax Advice

An IRS audit is a review/examination of an organization’s or individual’s accounts and financial information to ensure information is reported correctly according to the tax laws and to verify the reported amount of tax is correct. IRS audits are conducted...

Sinai Combat Zone Tax Benefits Retroactive to 2015

by TaxGenuity Tax Experts | May 25, 2018 | Tax Advice

Under the Tax Cuts and Jobs Act (TCJA) enacted in December 2017, members of the U.S. Army, U.S. Navy, U.S. Marines, U.S. Air Force, and U.S. Coast Guard who performed services in the Sinai Peninsula in Egypt can now claim combat zone tax benefits. As such, eligible...

Tax Tips: Obtaining Prior-Year Tax Information

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

Tax season may be over, but you still need to hang onto your tax returns and other tax records for at least three years. However, if the IRS believes you have significantly underreported your income (by 25 percent or more), or believes there may be an indication of...

Health Care Tax Credit Relief for Small Employers

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

Tax relief is available for certain small employers who provide health coverage to their employees and wish to claim the Small Business Health Care Tax Credit for 2017 and later years. To qualify for the credit small employers must provide employees with a qualified...

Home Equity Loan Interest Still Deductible

by TaxGenuity Tax Experts | May 16, 2018 | Tax Advice

The Tax Cuts and Jobs Act has resulted in questions from taxpayers about many tax provisions including whether interest paid on home equity loans is still deductible. The good news is that despite newly-enacted restrictions on home mortgages, taxpayers can often still...

Using a Car for Business: New Rules under TCJA

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

Many of the tax provisions under tax reform were favorable to small business owners including those relating to using a car for business. Here’s what you need to know. 1. Section 179 Expense Deduction If you bought a new car in 2018 and use it more 50 percent...