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

Have You Recently Reviewed Your Life Insurance Needs?

by TaxGenuity Tax Experts | Mar 24, 2024 | Tax Advice

At one time, life insurance played a much larger part in an estate plan than it does now. Why? Families would often use life insurance payouts to pay estate taxes. But with the federal gift and estate tax exemption at $13.61 million for 2024, far fewer families...

Hiring? How to Benefit from the Work Opportunity Tax Credit

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

If you’re a business owner or manager who is seeking to hire, you should be aware of the details of a valuable tax credit for hiring individuals from one or more targeted groups. Employers can qualify for the Work Opportunity Tax Credit (WOTC), which is worth as much...

ERC Voluntary Disclosure Program Available for a Limited Time

by TaxGenuity Tax Experts | Mar 18, 2024 | Tax Advice

As part of an ongoing initiative to combat questionable Employee Retention Credit (ERC) claims, the IRS has launched a voluntary disclosure program. It allows eligible businesses to pay back money they received after filing ERC claims in error. The disclosure program...

Deductions vs. Credits: What’s the Difference?

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

One of the most common misunderstandings about filing an income tax return is the difference between deductions and credits. Deductions reduce the amount of a taxpayer’s income before tax is calculated. For example, on your individual return, you can either take...

There May Still Be Time to Lower Your 2023 Tax Bill

by TaxGenuity Tax Experts | Feb 23, 2024 | Tax Advice

If you’re preparing to file your 2023 tax return, you may still be able to lower your tax bill – or increase your refund. If you qualify, you can make a deductible contribution to a traditional IRA right up until the original filing deadline, April 15,...

Tracking Down Donation Substantiation

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

If you’re like many Americans, your mailbox may have been filling up in recent weeks with letters from your favorite charities acknowledging your 2023 donations. But what happens if you haven’t received such a letter for a contribution? Can you still claim...

How to Secure a Tax Benefit with the QBI Deduction

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

QBI may sound like the name of a TV quiz show. But it’s actually the acronym for “qualified business income,” which can trigger a tax deduction for some small business owners or self-employed individuals. The QBI deduction was authorized by the Tax...