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

Deferred Tax on Gains From Forced Sales of Livestock

by TaxGenuity Tax Experts | Dec 28, 2019 | Tax Advice

Farmers and ranchers who were forced to sell livestock due to drought may get extra time to replace the livestock and defer tax on any gains from the forced sales. Here are some facts about this to help farmers understand how the deferral works and if they are...

Employer Benefits of Using the EFTPS

by TaxGenuity Tax Experts | Dec 26, 2019 | Tax Advice

Small business owners who are also employers should remember that the Electronic Federal Tax Payment System (EFTPS) has features that make it easier to meet their tax obligations – whether they prepare and submit payroll taxes themselves or hire an outside...

Updated Rules: Deductible Business & Other Expenses

by TaxGenuity Tax Experts | Dec 25, 2019 | Tax Advice

Taxpayers using optional standard mileage rates in computing the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes should be aware of an updated set of rules. The updated rules reflect changes to certain...

Take Retirement Plan Distributions by December 31

by TaxGenuity Tax Experts | Dec 24, 2019 | Tax Advice

Taxpayers born before July 1, 1949, generally must receive payments from their individual retirement arrangements (IRAs) and workplace retirement plans by December 31. Known as required minimum distributions (RMDs), typically these distributions must be made by the...

Tax Benefits of Health Savings Accounts

by TaxGenuity Tax Experts | Dec 22, 2019 | Tax Advice

While similar to FSAs (Flexible Savings Plans) in that both allow pretax contributions, Health Savings Accounts or HSAs offer taxpayers several additional tax benefits such as contributions that roll over from year to year (i.e., no “use it or lose it”),...

Business Tax Provisions: The Year in Review

by TaxGenuity Tax Experts | Dec 13, 2019 | Tax Advice

Here’s what business owners need to know about tax changes for 2019. Standard Mileage Rates The standard mileage rate in 2019 is 58 cents per business mile driven. Health Care Tax Credit for Small Businesses Small business employers who pay at least half the...

Individual Taxpayers: Recap for 2019

by TaxGenuity Tax Experts | Dec 10, 2019 | Tax Advice

As we close out the year and get ready for tax season, here’s what individuals and families need to know about tax provisions for 2019. Personal Exemptions Personal exemptions are eliminated for tax years 2018 through 2025. Standard Deductions The standard...