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

Deducting Business-Related Vehicle Expenses

by TaxGenuity Tax Experts | Aug 13, 2023 | Tax Advice

If you’re self-employed and use your car, SUV or other vehicle for business, you can deduct certain business-related vehicle expenses. Depending on the cost of operating the vehicle or how much you drive it, as well as how much of your use of the vehicle is for...

Tax Breaks for Teachers and Other Educators

by TaxGenuity Tax Experts | Aug 9, 2023 | Tax Advice

It’s almost time for the start of the new school year, and if you are a teacher or other educator, you should know that you can still deduct certain unreimbursed expenses. Deducting expenses such as classroom supplies, training, and travel will reduce your 2023...

Kids’ Day Camp Expenses May Qualify for a Tax Credit

by TaxGenuity Tax Experts | Aug 5, 2023 | Tax Advice

Day camps are common during school vacations and the summer months. And their cost may count towards the child and dependent care credit. Here are five things parents should know: 1. Care for Qualifying Persons. You may qualify for the credit whether you pay for care...

What to Know About the Adoption Tax Credit

by TaxGenuity Tax Experts | Jul 31, 2023 | Tax Advice

If you adopt a child in 2023, you may qualify for a tax credit for related expenses. If your employer helped pay for the costs of an adoption, you may be able to exclude that income from tax. In 2023, the maximum adoption tax credit and exclusion on a combined basis...

Filing a Final Tax Return for a Deceased Person

by TaxGenuity Tax Experts | Jul 25, 2023 | Tax Advice

When someone dies, their surviving spouse or representative must file a final tax return for the deceased person. Usually, the representative is named in the person’s will or appointed by a court. Sometimes when there isn’t a surviving spouse or appointed...

Tips for Taxpayers With Hobby Income

by TaxGenuity Tax Experts | Jul 22, 2023 | Tax Advice

Hobby activities are a source of income for many taxpayers. As a reminder, this income must be reported on tax returns. But the reporting rules are different than for income from a for-profit business. For one thing, hobbyists can’t deduct their hobby expenses....

Small Business Financing: Securing a Loan

by TaxGenuity Tax Experts | Jul 19, 2023 | Tax Advice

At some point, most small business owners will visit a bank or other lending institution to borrow money. Understanding what your bank wants and how to approach it properly can mean the difference between getting a loan for expansion or scrambling to find cash from...