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

Added Protection for Your Personal and Financial Information

by TaxGenuity Tax Experts | Oct 7, 2024 | Tax Advice

Protection is key when guarding your personal and financial information from fraudsters. That’s why the IRS offers a vital tool, the Identity Protection Personal ID Number (IP PIN). The IP PIN is a six-digit number you can apply for voluntarily. It’s known only to you...

Don’t Wait Until the Last Minute to File Your Extended Return!

by TaxGenuity Tax Experts | Oct 2, 2024 | Tax Advice

If you requested an extension to file your 2023 tax return, you probably know that the extended deadline is coming up soon, on Oct. 15. If you have the information you need, consider filing now. There’s no advantage to waiting, and last-minute filing may lead to...

An Employee Benefit with Possible Magnetic Power

by TaxGenuity Tax Experts | Sep 30, 2024 | Tax Advice

Employers seeking to attract new recruits and retain talent should consider offering educational assistance programs to their employees. The plans aren’t new, but they temporarily offer greater flexibility in how they work. Through Dec. 31, 2025, the funds can be used...

Medicare Premiums may Lead to Tax Savings

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

If you pay premiums for Medicare health insurance, you may be able to combine them with other qualifying expenses and claim them as an itemized deduction for medical expenses on your tax return. This includes amounts for “Medigap” insurance and Medicare Advantage...

Business Succession and Estate Planning Should Be Inseparable

by TaxGenuity Tax Experts | Sep 16, 2024 | Tax Advice

If you’re a business owner, your company is likely your most valuable asset. To ensure it survives after you’re gone, you first need a succession plan that will provide a smooth transition of the business to one or more of your children (assuming you want to keep it...

Using an IRA Withdrawal for a Qualified Home Purchase

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

Purchasing a home is an expensive proposition that leaves many would-be buyers feeling cash strapped. If that’s you, you might be thinking about taking some money out of your traditional IRA to help fund the purchase. But should you? Afterall, a 10% penalty normally...

Get a Jump on Tax Planning

by TaxGenuity Tax Experts | Sep 13, 2024 | Tax Advice

Summer is a good time for some tax planning that could lower your 2024 tax bill. Since the passage of the Tax Cuts and Jobs Act, which increased the standard deduction, fewer people benefit from itemizing deductions. You can use this IRS Interactive Tax Assistant to...