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

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...

Verifying Your Identity When Calling the IRS

by TaxGenuity Tax Experts | Jul 10, 2023 | Tax Advice

Sometimes, taxpayers must call the IRS about a tax matter. As part of the IRS’s ongoing efforts to keep taxpayer data secure from identity thieves, IRS phone assistors take great care to discuss personal information with the taxpayer or someone the taxpayer has...

Tax Credits for Accommodating Disabled Workers

by TaxGenuity Tax Experts | Jun 30, 2023 | Tax Advice

Businesses that make structural adaptations or other accommodations for employees or customers with disabilities may be eligible for tax credits and deductions. Here’s an overview of the tax incentives designed to encourage employers to hire qualified people...