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

The Difference Between a Hobby and a Business

by TaxGenuity Tax Experts | Jul 29, 2022 | Tax Advice

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...

What Teen Entrepreneurs Should Know About Taxes

by TaxGenuity Tax Experts | Jul 27, 2022 | Tax Advice

Teens and young adults often go into business for themselves over the summer or after school. This work can include babysitting, lawn mowing, dog walking, or other part-time or temporary work. When a teen or young adult is an employee of a business, their employer...

Standard Mileage Rates Increase for Remainder of 2022

by TaxGenuity Tax Experts | Jul 25, 2022 | Tax Advice

The optional standard mileage rate, which taxpayers may use to calculate the deductible costs of operating an automobile for business and certain other purposes, increases to 62.5 cents per mile, effective July 1, 2022. The new mileage rate is up 4 cents from the rate...

Do You Need to File an Amended Return?

by TaxGenuity Tax Experts | Jul 23, 2022 | Tax Advice

If you discover a mistake on your tax return after you’ve already filed it, don’t panic. In most cases, all you have to do is file an amended tax return. What Tax Form is Used to File an Amended Return? Taxpayers should use Form 1040X, Amended U.S....

Reverse Mortgages: What To Know

by TaxGenuity Tax Experts | Jul 21, 2022 | Tax Advice

Home equity represents a significant portion of the average retiree’s wealth. If you’re 62 or older and house-rich but cash-poor, a reverse mortgage loan allows you to convert part of the equity in your home into cash – without having to sell your...

Deducting Business-related Car Expenses

by TaxGenuity Tax Experts | Jul 19, 2022 | Tax Advice

If you’re self-employed and use your car for business, you can deduct certain business-related car expenses. The first thing small business owners need to know is that there are two options for claiming deductions: Actual Expenses. To use the actual expense...

What to Know If You’re Selling Your Home This Year

by TaxGenuity Tax Experts | Jul 17, 2022 | Tax Advice

In most cases, gains from sales are taxable. But did you know that if you sell your home, you may not have to pay taxes? Here are ten facts to remember if you sell your home this year. 1. Exclusion of Gain. You may be able to exclude part or all of the gain from the...