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

Rental Real Estate Qualifies as a Business

by TaxGenuity Tax Experts | Nov 2, 2019 | Tax Advice

A safe harbor is now available for taxpayers seeking to claim the section 199A deduction with respect to a “rental real estate enterprise.” What this means is that certain interests in rental real estate – including interests in mixed-use property...

Expat Compliance With US Tax Filing Obligations

by TaxGenuity Tax Experts | Nov 1, 2019 | Tax Advice

Taxpayers who relinquish citizenship without complying with their U.S. tax obligations are subject to the significant tax consequences of the U.S. expatriation tax regime. If you’re an expat who has relinquished — or intends to relinquish — your US...

Employer Credit for Family and Medical Leave

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

Thanks to the passage of the Tax Cuts and Jobs Act last year, there’s a new tax benefit for employers: the employer credit for paid family and medical leave. As the name implies, employers may claim the credit based on wages paid to qualifying employees while...

Be Prepared When Natural Disasters Strike

by TaxGenuity Tax Experts | Oct 30, 2019 | Tax Advice

While September and October are prime time for Atlantic hurricanes, natural disasters of any kind can strike at any time. As such, it’s a good idea for taxpayers to think about – and plan ahead for – what they can do to be prepared. Here are four...

Small Business: Tips for Ensuring Financial Success

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

Can you point your company in the direction of financial success, step on the gas, and then sit back and wait to arrive at your destination? While you may wish it was that easy, the truth is that you can’t let your business run on autopilot and expect good...

New Tax Rules for Divorce and Alimony Payments

by TaxGenuity Tax Experts | Oct 27, 2019 | Tax Advice

Divorce is a painful reality for many people both emotionally and financially, and quite often, the last thing on anyone’s mind is the effect a divorce or separation will have on their tax situation. To make matters worse, most court decisions do not take into...

Tax Preparation vs. Tax Planning

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

Many people assume tax planning is the same as tax preparation but the two are actually quite different. Let’s take a closer look: What is Tax Preparation? Tax preparation is the process of preparing and filing a tax return. Generally, it is a one-time event...