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

Changing Jobs? Don’t Forget About Your 401(K)

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

One of the most important questions you face when changing jobs is what to do with the money in your 401(k) because making the wrong move could cost you thousands of dollars or more in taxes and lower returns. Let’s say you work five years at your current job....

What To Do if You Missed the Tax Deadline

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

Tuesday, April 18, 2023, was the deadline for most taxpayers to file their tax returns. If you haven’t filed a 2022 tax return yet, it’s not too late. First, gather any information related to income and deductions for the tax years for which a return is...

Special Tax Rules for Children With Investment Income

by TaxGenuity Tax Experts | May 7, 2023 | Tax Advice

Special tax rules may apply to some children who received investment income in 2022 or expect to receive it in 2023. Investment income generally includes interest, dividends, and capital gains. It also includes other unearned income, such as taxable scholarships or...

Include Gig Economy Income on Tax Returns

by TaxGenuity Tax Experts | May 1, 2023 | Tax Advice

People working in the gig economy earn income as freelancers, independent workers, or employees. Typically, an online platform is used to connect people with potential or actual customers to provide goods or services. Examples include renting out a home or spare...

Deducting Medical and Dental Expenses

by TaxGenuity Tax Experts | Apr 18, 2023 | Tax Advice

If you, your spouse, or dependents had significant medical or dental costs in 2022, you may be able to deduct those expenses when you file your tax return this year. Here’s what you should know about medical and dental expenses and other benefits: You Must...

Reporting Foreign Income on Your Federal Tax Return

by TaxGenuity Tax Experts | Apr 15, 2023 | Tax Advice

By law, U.S. citizens and resident aliens living abroad must file a U.S. income tax return and report any worldwide income. Some key tax benefits, such as the foreign earned income exclusion, are only available to those who file U.S. returns. As such, if you are...

Defer Capital Gains With Sec. 1031 Exchanges

by TaxGenuity Tax Experts | Apr 14, 2023 | Tax Advice

If you’re a savvy investor, you probably know that you must generally report any mutual fund distributions as income, whether you reinvest them or exchange shares in one fund for shares in another. In other words, you must report and pay any capital gains tax...