Welcome to the TaxGenuity Blog

For many people buying a home - whether it's a fixer-upper in an up and coming neighborhood or that custom home you’ve always dreamed of - is a milestone event. While there is often a steep learning curve associated with buying and owning a home, there are also some...

Business travel deductions are available when employees travel away from their tax home or principal place of work for business reasons. With inflation on the rise, business travel is more costly than ever. Hotel bills, airfare or train tickets, cab fares, and public...

Lending money to a cash-strapped friend or family member is a noble and generous offer that just might make a difference. But before you hand over the cash, you need to plan ahead to avoid tax complications for yourself down the road. Take a look at this example:...

Individuals with significant assets should take advantage of proven tax strategies such as gifting and direct payments to educational institutions to transfer wealth to heirs tax-free and minimize estate taxes. Rising inflation, a volatile stock market, and relatively...

Cash flow is the lifeblood of every small business but many business owners underestimate just how vital managing cash flow is to their business's success. In fact, a healthy cash flow is more important than your business's ability to deliver its goods and services....

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 money you earn,...

When the IRS needs to ask a question about a taxpayer's tax return, notify them about a change to their account, or request a payment, it often mails a letter or notice to the taxpayer. Taxpayers should know that the IRS sends millions of these letters and notices to...

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 seasonal work...

Although the tax return filing deadline has come and gone, it's never too early to start planning for next year's tax return. With that in mind, let's take a look at some common summertime situations that could affect your taxes: Getting married. Getting married this...

A hobby is any activity that a person pursues because they enjoy it and with no intention of making a profit. In contrast, people operate a business with the intention of making a profit. However, many people engage in hobby activities that turn into a source of...