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

7 Year-End Tax Planning Tips for Individuals

by TaxGenuity Tax Experts | Nov 11, 2024 | Tax Advice

As the holidays approach, it’s time to consider tax planning moves that will help lower your 2024 taxes, as well as set you up for tax savings in future years. Here are seven year-end tax planning ideas to consider. 1. Strategize on the Standard Deduction vs....

Factoring the QBI Deduction into Year-End Tax Planning for Your Business

by TaxGenuity Tax Experts | Nov 8, 2024 | Tax Advice

Thanks to the Tax Cuts and Jobs Act, sole proprietors and owners of pass-through entities, such as partnerships, S corporations and, generally, limited liability companies, may be able to claim tax deductions based on their qualified business income (QBI) and certain...

An IRA Withdrawal Strategy with Tax-Reducing Power

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

As the year winds to a close, your chance to lower your 2024 tax bill also winds down. If you’re age 70½ or older, you may want to make a qualified charitable distribution (QCD) from your IRA before year end. Normally, distributions from a traditional IRA are taxable....

When is Employer-Paid Life Insurance Taxable?

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

If the fringe benefits of your job include employer-paid group term life insurance, a portion of the premiums for the coverage may be taxable. And that could result in undesirable income tax consequences for you. The cost of the first $50,000 of group term life...

The Rise of Check Kiting and Other Check Fraud

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

While the use of paper checks has greatly diminished, thieves still view them as a source for stealing revenue. In fact, the Financial Crimes Enforcement Network warns that many thieves are returning to old-fashioned financial theft, using paper checks. That’s one...

Boost Morale and Save Taxes with Achievement Awards

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

Some small businesses struggle with employee morale for a variety of reasons, one of which may be economic uncertainty. If you want to boost employees’ spirits without a big financial outlay, an achievement awards program is a relatively low-cost fringe benefit that...

Home Sale: Failure to Plan may Raise Your Tax Bill

by TaxGenuity Tax Experts | Oct 9, 2024 | Tax Advice

As the saying goes, there’s nothing certain in life except for death and taxes. But when it comes to selling your home, proactive tax planning can help you reduce your federal income tax bill. A Costly Mistake to Avoid Let’s say Tom is a soon-to-be married homeowner...