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

Tax-Related Items To Keep in Mind When Disaster Strikes

by TaxGenuity Tax Experts | Nov 26, 2020 | Tax Advice

Unfortunately, disaster can strike at any time. If you’ve been affected by a disaster this year, here are six tax-related things to keep in mind that usually happen after a major disaster strikes: 1. FEMA Declaration of Major Disaster Area Before the IRS can...

Tips for Taxpayers: Backup Withholding

by TaxGenuity Tax Experts | Nov 22, 2020 | Tax Advice

Taxpayers receiving certain types of income typically reported on certain Forms 1099 and W-2G may need to have backup withholding deducted from these payments. Here are three tips to help taxpayers understand backup withholding: 1. Backup withholding is required on...

Seasonal Workers and the Healthcare Law

by TaxGenuity Tax Experts | Nov 18, 2020 | Tax Advice

Businesses often need to hire workers on a seasonal or part-time basis. For example, some businesses may need seasonal help for holidays, harvest seasons, commercial fishing, or sporting events. Whether you are getting paid or paying someone else, questions often...

Investing in Opportunity Zones: The Facts

by TaxGenuity Tax Experts | Nov 14, 2020 | Tax Advice

The Tax Cuts and Jobs Act included numerous changes for businesses and individuals. One of these was the creation of the Opportunity Zones tax incentive, the purpose of which is to spur economic development and job creation in distressed communities by providing tax...

End-of-Year Tax Planning Strategies for Businesses

by TaxGenuity Tax Experts | Nov 10, 2020 | Tax Advice

Several end-of-year tax planning strategies are available to business owners that can be used to reduce their tax liability. Let’s take a look: Deferring Income Businesses using the cash method of accounting can defer income into 2021 by delaying end-of-year...

End-of-Year Tax Planning Strategies for Individuals

by TaxGenuity Tax Experts | Nov 6, 2020 | Tax Advice

With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies you can use to minimize your tax burden for 2020. General Tax Planning Strategies General tax planning strategies for individuals include accelerating or...

Tax Preparation vs. Tax Planning

by TaxGenuity Tax Experts | Nov 2, 2020 | Tax Advice

Many people assume tax planning is the same as tax preparation, but the two are quite different. Let’s take a closer look: What is Tax Preparation? Tax preparation is the process of preparing and filing a tax return. Generally, it is a one-time event that...