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

Preparing an Effective Business Plan

by TaxGenuity Tax Experts | Jun 17, 2020 | Tax Advice

A business plan is a valuable tool whether you’re seeking additional financing for an existing business, starting a new company, or analyzing a new market. Think of it as your blueprint for success. Not only will it clarify your business vision and goals, but it...

Pass on Wealth to Heirs Using These Strategies

by TaxGenuity Tax Experts | Jun 13, 2020 | Tax Advice

Individuals with significant assets who want to transfer wealth to heirs tax-free, as well as minimize estate taxes, should take advantage of proven tax strategies such as gifting and direct payments to educational institutions; however low interest rates and a...

Loan Forgiveness Under the Paycheck Protection Plan

by TaxGenuity Tax Experts | Jun 11, 2020 | Tax Advice

As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law March 27, many small business owners were able to apply for – and receive – a loan of up to $10 million under the Paycheck Protection Program (PPP). If the loan...

Relief for Businesses with Net Operating Losses

by TaxGenuity Tax Experts | Jun 9, 2020 | Tax Advice

Taxpayers with net operating losses (NOLs) form a business are provided tax relief under the CARES Act. Tax relief for partnerships filing amended returns is provided as well. Let’s take a look at three key points: 1. Claiming NOLs Taxpayers with net operating...

Tips for Deducting Medical and Dental Expenses

by TaxGenuity Tax Experts | Jun 7, 2020 | Tax Advice

If you, your spouse, or dependents have significant medical or dental costs in 2019, you may be able to deduct those expenses when you file your tax return this year. Here are eight things you should know about medical and dental expenses and other benefits: 1. You...

Facts About the Adoption Tax Credit

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

Parents who adopted or started the adoption process during 2019 may qualify for the adoption credit. Generally, the credit is allowable whether the adoption is domestic or foreign. However, the timing rules for claiming the credit for qualified adoption expenses...

Ready to File? This Tax Records Checklist Will Help

by TaxGenuity Tax Experts | Jun 3, 2020 | Tax Advice

If you’re a taxpayer who has not yet filed their 2019 tax return, you may be getting ready to do so now. One of the first things you will need to do – before visiting your tax preparer – is to gather all of your year-end income documents. Doing so...