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

Tax Planning Includes Keeping Good Records

by TaxGenuity Tax Experts | Jan 21, 2020 | Tax Advice

It’s January and tax season is right around the corner. For many people that means scrambling to collect receipts, mileage logs, and other tax-related documents needed to prepare their tax returns. If this describes you, chances are, you’re wishing...

Opportunity Zone Guidance Finalized

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

Final regulations were recently issued regarding details about investment in qualified opportunity zones (QOZ) that modified and finalized proposed regulations for QOFs and QOZ businesses that were previously issued on October 28, 2018, and May 1, 2019. The final...

Reminder: Use Correct Forms to Pay Employment Taxes

by TaxGenuity Tax Experts | Jan 15, 2020 | Tax Advice

Small business owners are reminded to review the rules for filing two commonly-used employment tax returns: Form 944, Employer’s Annual Federal Tax Return and Form 941, Employer’s Quarterly Federal Tax Return. A small business files one or the other; these...

Standard Mileage Rates for 2020

by TaxGenuity Tax Experts | Jan 12, 2020 | Tax Advice

Starting January 1, 2020, the standard mileage rates for the use of a car, van, pickup or panel truck are as follows: 57.5 cents per mile driven for business use, down one half of a cent from the rate for 2019 17 cents per mile driven for medical or moving purposes,...

Starting a Home-Based Business

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

More than half of all businesses today are home-based. Every day, people are striking out and achieving economic and creative independence by turning their skills into dollars. Garages, basements, and attics are being transformed into the corporate headquarters of the...

Important Tax Changes for Individuals and Businesses

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

Every year, it’s a sure bet that there will be changes to current tax law and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here’s a checklist of tax changes to help you plan the year ahead....

Retirement Contributions Limits Announced for 2020

by TaxGenuity Tax Experts | Dec 31, 2019 | Tax Advice

Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for 2020 are as follows: 401(k), 403(b), 457 plans, and Thrift Savings Plan. Contribution limits for employees who participate in 401(k), 403(b), most 457...