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

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...

What To Know About Reverse Mortgages

by TaxGenuity Tax Experts | Jul 16, 2023 | Tax Advice

Home equity represents a significant portion of the average retiree’s wealth. If you’re 62 or older and house-rich but cash-poor, a reverse mortgage loan allows you to convert part of the equity in your home into cash – without having to sell your...

Is Your College Student’s Scholarship Taxable?

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

May 1 is the traditional deadline for undergraduate students to commit to their college of choice, which means tuition payments are not far behind. If you are wondering if your child’s scholarships are taxable, here is what you should know. What Is a...