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

Year-end Tax Planning Strategies for Business Owners

by TaxGenuity Tax Experts | Nov 4, 2022 | Tax Advice

Several end-of-year tax planning strategies are available to business owners to reduce their tax liability. Let’s take a look: Deferring Income Businesses using the cash method of accounting can defer income into 2023 by delaying end-of-year invoices so that...

Year-end Tax Planning Strategies for Individuals

by TaxGenuity Tax Experts | Nov 1, 2022 | Tax Advice

With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies that could reduce your tax bill for 2022. General Tax Planning Strategies General tax planning strategies for individuals include accelerating or deferring...

Early Withdrawals from Retirement Plans

by TaxGenuity Tax Experts | Oct 26, 2022 | Tax Advice

Many people find themselves in situations where they need to withdraw money from their retirement plan earlier than planned. Doing so, however, can trigger an additional tax on top of any income tax taxpayers may have to pay. Here are five things taxpayers should know...

Federal Tax Obligations During Chapter 13 Bankruptcy

by TaxGenuity Tax Experts | Oct 24, 2022 | Tax Advice

The most common type of bankruptcy for individuals is Chapter 13, which allows individuals and small business owners in financial difficulty to repay their creditors. Often, it is a last resort for wage earners (individuals and those filing jointly as spouses), the...

Closing a Business for Good

by TaxGenuity Tax Experts | Oct 22, 2022 | Tax Advice

If you’re a small business owner who is thinking about closing your business for good, you should be aware that there is more to closing a business than laying off employees, selling office furniture, and closing the doors – you must also take certain...

Tax Deductions for Homeowners

by TaxGenuity Tax Experts | Oct 20, 2022 | Tax Advice

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,...

Business-related Travel Deductions

by TaxGenuity Tax Experts | Oct 18, 2022 | Tax Advice

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...