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

Small Business Financing: Securing a Loan

by TaxGenuity Tax Experts | Jul 5, 2020 | Tax Advice

At some point, most small business owners will visit a bank or other lending institution to borrow money. Understanding what your bank wants, and how to properly approach them, can mean the difference between getting a loan for expansion or scrambling to find cash...

Paying off Debt the Smart Way

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

With a potential economic downturn in the wings due to COVID-19, being debt-free is a worthwhile goal. Unfortunately, between mortgages, car loans, credit cards, and student loans, for most people – especially those of pre-retirement age – this is...

Flexibility for Taxpayer Elections in Cafeteria Plans

by TaxGenuity Tax Experts | Jun 30, 2020 | Tax Advice

Temporary changes to Section 125 cafeteria plans due to the coronavirus pandemic allow flexibility for taxpayers participating in cafeteria plans. These changes include extending the claims period for health flexible spending arrangements (FSAs) and dependent care...

Facts About Capital Gains and Losses

by TaxGenuity Tax Experts | Jun 28, 2020 | Tax Advice

When you sell a capital asset such as a home, household furnishings, and stocks and bonds held in a personal account, the difference between the amount you paid for the asset and its sales price is known as a capital gain or capital loss. Here are ten facts you should...

Estates and Trusts: Guidance for Itemizing Deductions

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

The Tax Cuts and Jobs Act (TCJA) prohibits individual taxpayers from claiming miscellaneous itemized deductions for any taxable year beginning after December 31, 2017, and before January 1, 2026. However, proposed guidance has recently been issued clarifying that...

Cash Management Tips for Small Businesses

by TaxGenuity Tax Experts | Jun 23, 2020 | Tax Advice

Cash is the lifeblood of any small business. Here are some tips to help your business maintain a sufficient cash flow to meet its financial goals and run efficiently: 1. Toughen up your credit policies. Review the payment terms you offer to customers and tighten them...

Avoid These Common Errors When Filing a Tax Return

by TaxGenuity Tax Experts | Jun 20, 2020 | Tax Advice

When filing a tax return, mistakes such as the common errors listed below can result in a processing delay – and increase the amount of time it takes to receive a tax refund. Using a reputable tax preparer such as a certified public accountant, enrolled agent or...