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

Is Your Business Closing? Here Are Your Final Tax Responsibilities

by TaxGenuity Tax Experts | May 11, 2024 | Tax Advice

Businesses shut down for many reasons. Examples include an owner’s retirement, a lease expiration, staffing shortages, partner conflicts and increased supply costs. If you’ve decided to close your business, you might need assistance with some steps in the process,...

4 ways corporate business owners can help ensure compensation is “reasonable”

by TaxGenuity Tax Experts | May 10, 2024 | Tax Advice

If you own a C corporation, you know there’s a tax advantage to taking money out as compensation rather than as dividends. The reason: A corporation can deduct the salaries and bonuses that it pays executives, but it can’t deduct dividend payments. Therefore, if funds...

Tax records: What can you toss and what should you keep?

by TaxGenuity Tax Experts | May 9, 2024 | Tax Advice

Generally, the IRS has three years to audit a tax return, from the later of the due date of the return or the date you file. You can also file an amended return within this time frame if you overlooked something. Here’s what you need to know about keeping financial...

Erroneous Refund

by TaxGenuity Tax Experts | Mar 30, 2024 | Tax Advice

Mistakes happen. What if you receive a refund from the IRS that you’re not entitled to? Or what if you receive one that’s more than you’re entitled to? How you must handle it depends on the details. A paper check refund should be voided and returned within 21 days of...

Handling Large Cash Transactions

by TaxGenuity Tax Experts | Mar 28, 2024 | Tax Advice

A reminder for businesses: Within 15 days of a $10,000 transaction, you must use IRS Form 8300 to report the transactions. If you file electronically, forms are delivered to the Financial Crimes Enforcement Network. Paper forms are submitted to the IRS. You also...

A Strategy to Raise Your Medical Expense Deduction

by TaxGenuity Tax Experts | Mar 26, 2024 | Tax Advice

With a little planning, you may be able to boost your itemized medical expense deduction when you file your 2024 tax return next year. Only eligible expenses exceeding 7.5% of your adjusted gross income are deductible. It’s not an easy hurdle to clear, short of a...

Have You Recently Reviewed Your Life Insurance Needs?

by TaxGenuity Tax Experts | Mar 24, 2024 | Tax Advice

At one time, life insurance played a much larger part in an estate plan than it does now. Why? Families would often use life insurance payouts to pay estate taxes. But with the federal gift and estate tax exemption at $13.61 million for 2024, far fewer families...