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

Tax Preparation vs. Tax Planning

by TaxGenuity Tax Experts | Nov 2, 2020 | Tax Advice

Many people assume tax planning is the same as tax preparation, but the two are quite different. Let’s take a closer look: What is Tax Preparation? Tax preparation is the process of preparing and filing a tax return. Generally, it is a one-time event that...

File Cash Transaction Reports Electronically

by TaxGenuity Tax Experts | Oct 30, 2020 | Tax Advice

Businesses that receive cash transactions of more than $10,000 must report these payments to the IRS. Now businesses can batch file their cash reports; this is especially helpful for those required to file many forms. Let’s take a look at several key points that...

Avoid Refund Delays by Renewing Expiring ITINs Now

by TaxGenuity Tax Experts | Oct 26, 2020 | Tax Advice

People who are not eligible for a Social Security number must use individual taxpayer identification numbers (ITINs) if they have tax filing or payment obligations under U.S. law. Periodically and under certain circumstances, these ITINs expire and should be renewed...

Final Regulations for 100 Percent Bonus Depreciation

by TaxGenuity Tax Experts | Oct 22, 2020 | Tax Advice

Final regulations have been issued by the Treasury Department and the Internal Revenue Service implementing the 100% additional first-year depreciation deduction that allows businesses to write off the cost of most depreciable business assets in the year they are...

Health Coverage Terms Employers Should Know

by TaxGenuity Tax Experts | Oct 18, 2020 | Tax Advice

Under the Affordable Care Act, certain employers – known as applicable large employers – are subject to the employer shared responsibility provisions. You might be thinking about these topics as you make plans about 2021 health coverage for your employees....

Choosing a Retirement Destination: Tax Considerations

by TaxGenuity Tax Experts | Oct 14, 2020 | Tax Advice

With health care, housing, food, and transportation costs increasing every year, many retirees on fixed incomes wonder how they can stretch their dollars even further. One solution is to move to another state where income taxes are lower than the one in which they...

Taking Early Withdrawals From Retirement Accounts

by TaxGenuity Tax Experts | Oct 10, 2020 | Tax Advice

While taking money out of a retirement fund before age 59 1/2 is usually not recommended, in certain cases, it may be unavoidable, especially during times of economic crisis. If you need cash and have a retirement fund you can tap, here’s what you need to know....