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

Deducting Business-Related Car Expenses

by TaxGenuity Tax Experts | May 18, 2021 | Tax Advice

If you’re self-employed and use your car for business, you can deduct certain business-related car expenses. There are two options for claiming deductions: Actual Expenses. To use the actual expense method, you need to figure out the actual costs of operating...

Saving for Education: Understanding 529 Plans

by TaxGenuity Tax Experts | May 12, 2021 | Tax Advice

Many parents are looking for ways to save for their child’s education, and a 529 Plan is an excellent way to do so. Even better is that thanks to the passage of tax reform legislation in 2017, 529 plans are now available to parents wishing to save for their...

Tax Withholding for Seasonal and Part-Time Employees

by TaxGenuity Tax Experts | May 9, 2021 | 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 kind of work...

Common Errors To Avoid When Filing a Tax Return

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

While not all mistakes on tax returns cause delays in refunds, some do. As the May 17 deadline approaches, it pays to steer clear of the ten tax return errors listed below. 1. Not using electronic filing. While this isn’t necessarily a mistake per se, electronic...

Tax Return Tips for Last-Minute Filers

by TaxGenuity Tax Experts | May 7, 2021 | Tax Advice

When it comes to working on your taxes, earlier is better, but many people find preparing their tax return to be stressful and frustrating and wait until the last minute. Complicating matters this year is tax reform and the newly redesigned Form 1040. If you’ve...

Donating a Car to Charity as a Tax Write-off

by TaxGenuity Tax Experts | Apr 30, 2021 | Tax Advice

If you donate a car to a qualified charitable organization and intend to claim a deduction, you should be aware of the special rules that apply to vehicle donations. Charities typically sell donated vehicles. If the vehicle is sold by the charitable organization you...

Personal Protective Equipment Qualifies for Deduction

by TaxGenuity Tax Experts | Apr 27, 2021 | Tax Advice

As a quick reminder, the purchase of personal protective equipment, such as masks, hand sanitizer and sanitizing wipes, for the primary purpose of preventing the spread of coronavirus are deductible medical expenses. The amounts paid for personal protective equipment...