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

Watch Out for Natural Disaster Donation Scams

by TaxGenuity Tax Experts | Nov 17, 2022 | Tax Advice

After a natural disaster, people often rally to help victims by donating money to charitable organizations that help disaster victims. Unfortunately, this can allow criminals to prey on them by soliciting donations from fake charities. As such, before donating to...

Deducting Casualty Losses on a Tax Return

by TaxGenuity Tax Experts | Nov 13, 2022 | Tax Advice

Every year, hurricanes, tornadoes, floods, wildfires, and other natural disasters affect US citizens. The bad news is that recovery efforts after natural disasters can be costly. For instance, when hurricanes strike, they not only cause wind damage but can cause...

Understanding IRAs: Terms to Know

by TaxGenuity Tax Experts | Nov 10, 2022 | Tax Advice

IRAs, or Individual Retirement Arrangements, provide tax incentives for people to make investments that can provide financial security for their retirement. To help people better understand this type of retirement savings account, here’s a basic overview of...

Tips for Avoiding an IRS Tax Audit

by TaxGenuity Tax Experts | Nov 7, 2022 | Tax Advice

Although the chances of taxpayers being audited have declined in recent years, with taxes becoming more complicated every year, there is always the possibility that a tax mistake turns into an IRS tax audit. Avoiding “red flags” like the ones listed below...

Year-end Tax Planning Strategies for Business Owners

by TaxGenuity Tax Experts | Nov 4, 2022 | Tax Advice

Several end-of-year tax planning strategies are available to business owners to reduce their tax liability. Let’s take a look: Deferring Income Businesses using the cash method of accounting can defer income into 2023 by delaying end-of-year invoices so that...

Year-end Tax Planning Strategies for Individuals

by TaxGenuity Tax Experts | Nov 1, 2022 | Tax Advice

With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies that could reduce your tax bill for 2022. General Tax Planning Strategies General tax planning strategies for individuals include accelerating or deferring...

Early Withdrawals from Retirement Plans

by TaxGenuity Tax Experts | Oct 26, 2022 | Tax Advice

Many people find themselves in situations where they need to withdraw money from their retirement plan earlier than planned. Doing so, however, can trigger an additional tax on top of any income tax taxpayers may have to pay. Here are five things taxpayers should know...