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

Discovering a Mistake After Your Tax Return Is Filed

by TaxGenuity Tax Experts | May 28, 2024 | Tax Advice

Did you file your 2023 tax return and then realize you’d made a mistake? Perhaps you completed your return yourself and made an error in math or neglected to include a schedule that should’ve been attached. Or maybe you recently remembered some large, potentially...

The “Nanny Tax” Must Be Paid for Nannies and Other Household Employees

by TaxGenuity Tax Experts | May 25, 2024 | Tax Advice

If you employ a household worker who isn’t an independent contractor, you may be required to pay employment taxes on the worker’s cash wages. This is commonly referred to as the “nanny tax.” In 2024, when a household employee’s cash wages reach at least $2,700, you...

3 Ways Your Business Can Uncover Cost Cuts

by TaxGenuity Tax Experts | May 22, 2024 | Tax Advice

Every business wants to cut costs, but it isn’t easy. We’re talking about clear and substantial ways to lower expenses, thereby strengthening cash flow and giving you a better shot at strong profitability. Obvious places to slash costs (such as wages, benefits and...

To Get an “Early” Refund, Adjust Your Withholding

by TaxGenuity Tax Experts | May 19, 2024 | Tax Advice

If you received a large refund this year, you may want to adjust your withholding. Each year, millions of taxpayers claim an income tax refund. To be sure, receiving a payment from the IRS for a few thousand dollars can be a pleasant influx of cash. But it means you...

The Advantages of Hiring Your Minor Children for Summer Jobs

by TaxGenuity Tax Experts | May 16, 2024 | Tax Advice

If you’re a small-business owner and you hire your children this summer, you may be able to secure tax breaks and other nontax benefits. The kids can gain bona fide on-the-job experience, save for college and learn how to manage money. You may be able to shift some of...

2024 Depreciation Limits for Business Vehicles

by TaxGenuity Tax Experts | May 14, 2024 | Tax Advice

IRS guidance provides the 2024 depreciation limits for “luxury” business vehicles. For vehicles placed in service in 2024, depreciation limits (including first-year bonus depreciation) are $20,400 for year one, $19,800 for year two, $11,900 for year three and $7,160...

Avoid Misinformation About Tax-Favored Health Accounts

by TaxGenuity Tax Experts | May 13, 2024 | Tax Advice

Do you have a health Flexible Spending Account, Health Savings Account or similar plan through your employer? The IRS is warning about misinformation that could lead to serious mistakes. Nonmedical nutrition, wellness and exercise expenses that aren’t explicitly...