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

Business-related Travel Deductions

by TaxGenuity Tax Experts | Oct 18, 2022 | Tax Advice

Business travel deductions are available when employees travel away from their tax home or principal place of work for business reasons. With inflation on the rise, business travel is more costly than ever. Hotel bills, airfare or train tickets, cab fares, and public...

Lending Money to a Friend? It Pays To Plan Ahead

by TaxGenuity Tax Experts | Oct 16, 2022 | Tax Advice

Lending money to a cash-strapped friend or family member is a noble and generous offer that just might make a difference. But before you hand over the cash, you need to plan ahead to avoid tax complications for yourself down the road. Take a look at this example:...

Use These Strategies To Pass on Wealth to Heirs

by TaxGenuity Tax Experts | Oct 14, 2022 | Tax Advice

Individuals with significant assets should take advantage of proven tax strategies such as gifting and direct payments to educational institutions to transfer wealth to heirs tax-free and minimize estate taxes. Rising inflation, a volatile stock market, and relatively...

Cash Management Tips for Small Businesses

by TaxGenuity Tax Experts | Oct 12, 2022 | Tax Advice

Cash flow is the lifeblood of every small business but many business owners underestimate just how vital managing cash flow is to their business’s success. In fact, a healthy cash flow is more important than your business’s ability to deliver its goods and...

Understanding Marginal vs. Effective Tax Rates

by TaxGenuity Tax Experts | Oct 9, 2022 | Tax Advice

Understanding marginal and effective tax rates is important for tax planning purposes; however, many taxpayers don’t fully understand the differences. Let’s take a closer look: Marginal Tax Rate The United States has a progressive tax system. The more...

What To Know About IRS Letters and Notices

by TaxGenuity Tax Experts | Oct 6, 2022 | Tax Advice

When the IRS needs to ask a question about a taxpayer’s tax return, notify them about a change to their account, or request a payment, it often mails a letter or notice to the taxpayer. Taxpayers should know that the IRS sends millions of these letters and...

Tax Withholding for Seasonal and Part-Time Employees

by TaxGenuity Tax Experts | Oct 5, 2022 | Tax Advice

Many businesses hire part-time or full-time workers, especially in the summer. The IRS classifies these employees as seasonal workers, defined as an employee who performs labor or services on a seasonal basis (i.e., six months or less). Examples of this seasonal work...