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

Tax Returns & Estimated Taxes Now Due July 15

by TaxGenuity Tax Experts | Apr 1, 2020 | Tax Advice

Due to the coronavirus pandemic, the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest,...

Reporting Tip Income: The Basics

by TaxGenuity Tax Experts | Mar 29, 2020 | Tax Advice

The short answer is yes, tips are taxable. If you work at a hair salon, barbershop, casino, golf course, hotel, or restaurant, or drive a taxicab, then the tip income you receive as an employee from those services is taxable income. Here are a few other tips about...

Home Equity Loan Interest Still Deductible

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

The Tax Cuts and Jobs Act has resulted in questions from taxpayers about many tax provisions including whether interest paid on home equity loans is still deductible. The good news is that despite newly enacted restrictions on home mortgages, taxpayers can often still...

New Rules for Depreciation and Expensing

by TaxGenuity Tax Experts | Mar 14, 2020 | 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 and placed in service after September 27, 2017, and, as a business owner,...

It’s Not Too Late to Make an IRA Contribution

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

If you haven’t contributed funds to an Individual Retirement Arrangement (IRA) for tax year 2019, or if you’ve put in less than the maximum allowed, you still have time to do so. You can contribute to either a traditional or Roth IRA until the April 15th...

Worker Classification: Employee vs. Contractor

by TaxGenuity Tax Experts | Mar 8, 2020 | Tax Advice

If you hire someone for a long-term, full-time project or a series of projects that are likely to last for an extended period, you must pay special attention to the difference between independent contractors and employees. Why It Matters The Internal Revenue Service...

Are Social Security Benefits Taxable?

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

Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable. Generally, you pay federal income taxes on your Social Security benefits only if you have...