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

Individual Taxpayers: The Year in Review

by TaxGenuity Tax Experts | Dec 1, 2021 | Tax Advice

As we close out the year and get ready for tax season, here’s what individuals and families need to know about tax provisions for 2021. Personal Exemptions Personal exemptions are eliminated for tax years 2018 through 2025. Standard Deductions The standard...

Tax Benefits of Health Savings Accounts

by TaxGenuity Tax Experts | Nov 29, 2021 | Tax Advice

While similar to FSAs (Flexible Savings Plans) in that both allow pretax contributions, Health Savings Accounts or HSAs offer taxpayers several additional tax benefits. Let’s take a look: What is a Health Savings Account? A Health Savings Account is a type of...

Worker Classification: Employee vs. Contractor

by TaxGenuity Tax Experts | Nov 24, 2021 | Tax Advice

If you hire someone for a long-term, full-time project or a series of projects that are likely to last for an extended period, you must pay special attention to the difference between independent contractors and employees. Why It Matters The Internal Revenue Service...

Advertising and Marketing Costs May Be Tax Deductible

by TaxGenuity Tax Experts | Nov 17, 2021 | Tax Advice

As a small business owner, you may be able to deduct advertising and marketing expenses that help them bring in new customers and keep existing ones. Even better is that these deductions help small businesses save money on their taxes. Generally, small businesses...

Deferred Tax on Gains From Forced Sales of Livestock

by TaxGenuity Tax Experts | Nov 14, 2021 | Tax Advice

Farmers and ranchers forced to sell livestock due to drought may have an additional year to replace the livestock and defer tax on any gains from the forced sales. Here are some important facts to help farmers understand how the deferral works and their eligibility....

Tips To Avoid Fraud and Scams After a Disaster

by TaxGenuity Tax Experts | Nov 11, 2021 | Tax Advice

Criminals and fraudsters often see disasters as an opportunity to take advantage of victims when they are the most vulnerable, as well as the generous taxpayers who want to help with relief efforts. Generally, these disaster scams start with unsolicited contact...

Shared Custody and Advance Child Tax Credit Payments

by TaxGenuity Tax Experts | Nov 8, 2021 | Tax Advice

Parents who share custody of their children may be confused about how the advance child tax credit payments are distributed. As such, the first step is to remember that these are advance payments of a tax credit that taxpayers expect to claim on their 2021 tax return....