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

Tax Credits To Help Cover Costs of Higher Education

by TaxGenuity Tax Experts | May 15, 2022 | Tax Advice

Whether your child attends trade school, private college or public university, you already know that higher education in the United States is expensive. The good news is that many taxpayers are able to take advantage of two education tax credits to help offset these...

What To Do if You’re Missing Important Tax Documents

by TaxGenuity Tax Experts | May 13, 2022 | Tax Advice

As the April 18th tax deadline quickly approaches, last-minute tax filers should make sure they have all their documents before filing a tax return. You should have received a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your...

File on Time Even if You Can’t Pay

by TaxGenuity Tax Experts | May 11, 2022 | Tax Advice

Generally, taxpayers should file their tax returns by the deadline even if they cannot pay the total amount due, but if you can’t, there are several options. Let’s take a look at a few scenarios: 1. An individual taxpayer owes taxes but can’t pay in...

Cash Management Tips for Your Small Business

by TaxGenuity Tax Experts | May 9, 2022 | Tax Advice

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...

Got Debt? How To Improve Your Financial Situation

by TaxGenuity Tax Experts | May 7, 2022 | Tax Advice

Being debt-free is a worthwhile goal; unfortunately, for most people, it is unrealistic – especially for those of pre-retirement age with children, a car payment or two, and a mortgage. As such, most people need to focus on managing their debt first since...

The Tax Consequences of Crowdfunding

by TaxGenuity Tax Experts | May 5, 2022 | Tax Advice

Crowdfunding websites such as Kickstarter and GoFundMe have become an increasingly popular way for small business owners to stay afloat. The upside is that it’s often possible to raise the cash you need; the downside is that the IRS considers that money taxable...

Reminder: Rules for Depreciation and Expensing

by TaxGenuity Tax Experts | May 3, 2022 | Tax Advice

As part of final guidance issued that pertains to the Tax Cuts and Jobs Act of 2017, new rules and limitations are in effect for taxpayers who deduct depreciation for qualified property acquired after September 27, 2017. As a business owner, they could affect your tax...