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

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...

What Is the Net Investment Income Tax?

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

While the Net Investment Income Tax (NIIT) most often affects wealthier individuals, in certain circumstances, it can also affect moderate-income taxpayers whose income increases significantly in a given tax year. What Is the NIIT? The NIIT is a 3.8 percent tax on...

Tax Treatment of Selling Collectibles

by TaxGenuity Tax Experts | Apr 12, 2023 | Tax Advice

If you enjoy collecting antiques and collectibles or investing in fine art, wine, or vintage cars, there may be a time when you’re ready to cash in and reap the financial rewards. But you need to be aware of the tax impact of selling collectibles. IRS Definition...

Federal Tax Returns: Should You File an Extension?

by TaxGenuity Tax Experts | Apr 11, 2023 | Tax Advice

Obtaining a six-month extension to file is relatively easy, and there are legitimate reasons for doing so; however, there are also a few downsides. If you need more time to file your federal income tax return this year, here’s what you need to know. What Is an...

The Employee Business Expense Deduction

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

Before tax reform, an employee could deduct unreimbursed job expenses and other miscellaneous expenses that were more than two percent of adjusted gross income (AGI) as long as they itemized instead of taking the standard deduction. Starting in 2018, however, most...

What Is a Designated Roth Account?

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

Many 401(k) plans allow taxpayers to make Roth contributions as long as the plan has a designated Roth account. Your plan may also allow you to transfer amounts to the designated Roth account in the plan or borrow money. Check with your employer to find out if your...