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

Defer Capital Gains Using Like-Kind Exchanges

by TaxGenuity Tax Experts | Oct 9, 2021 | Tax Advice

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

Small Business: Tips for Ensuring Financial Success

by TaxGenuity Tax Experts | Oct 5, 2021 | Tax Advice

Can you point your company in the direction of financial success, step on the gas, and then sit back and wait to arrive at your destination? Probably not. While you may wish it was that easy, the truth is that you can’t let your business run on autopilot and...

Marginal vs. Effective Tax Rates

by TaxGenuity Tax Experts | Oct 1, 2021 | 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...

Gross Receipts Safe Harbor for Employers Claiming ERC

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

Safe harbor is now available that allows employers to exclude certain items from their gross receipts solely for determining eligibility for the Employee Retention Credit (ERC). These amounts are: The amount of the forgiveness of a Paycheck Protection Program (PPP)...

Tax Planning: Facts About Credits and Deductions

by TaxGenuity Tax Experts | Sep 28, 2021 | Tax Advice

Tax credits and deductions can mean more money in a taxpayer’s pocket. Here are a few facts about credits and deductions that help taxpayers with their year-round tax planning: Taxable income is what’s left over after someone subtracts any eligible...

Extension Deadline Looming for 2020 Tax Returns

by TaxGenuity Tax Experts | Sep 22, 2021 | Tax Advice

Time is running short for taxpayers who requested an extra six months to file their 2020 tax return. As a reminder, Friday, October 15, 2021, is the extension deadline for most taxpayers. Taxpayers who owe tax – even those who did not request an extension – and...

Verifying Your Identity When Calling the IRS

by TaxGenuity Tax Experts | Sep 16, 2021 | Tax Advice

Sometimes, taxpayers need to call the IRS about a tax matter. If this is the case, they should know that IRS phone assistors take great care to only discuss personal information with the taxpayer or someone the taxpayer authorizes to speak on their behalf. As such,...