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

Estimated Tax Payments: The Facts

by TaxGenuity Tax Experts | May 23, 2022 | Tax Advice

Estimated tax is the method used to pay tax on income that is not subject to withholding, including income from self-employment, interest, dividends, alimony, rent, and gains from the sale of assets, prizes, and awards. You also may have to pay estimated tax if the...

What To Do if You Missed the April Tax Deadline

by TaxGenuity Tax Experts | May 21, 2022 | Tax Advice

Monday, April 18, 2022, was the tax deadline for most taxpayers to file their tax returns, but if you haven’t filed a 2021 tax return yet, it’s not too late. Here’s what you need to do: First, gather any information related to income and deductions...

Taxpayer Rights: Pay No More Than the Correct Amount

by TaxGenuity Tax Experts | May 19, 2022 | Tax Advice

As a reminder, taxpayers have the right to pay only the amount of tax legally due, including interest and penalties. They also have the right to have the IRS apply all tax payments properly. This is one of 10 fundamental rights known collectively as the Taxpayer Bill...

Small Business: Rent Expenses May Be Tax-deductible

by TaxGenuity Tax Experts | May 17, 2022 | Tax Advice

If you’re a small business owner who is just starting out, you may not realize that some rent expenses may be deductible on your tax return. Here are some things small business owners should keep in mind when it comes to deducting rental expenses: How Rent is...

Tax Credits To Help Cover Costs of Higher Education

by TaxGenuity Tax Experts | May 15, 2022 | Tax Advice

Whether your child attends trade school, private college or public university, you already know that higher education in the United States is expensive. The good news is that many taxpayers are able to take advantage of two education tax credits to help offset these...

What To Do if You’re Missing Important Tax Documents

by TaxGenuity Tax Experts | May 13, 2022 | Tax Advice

As the April 18th tax deadline quickly approaches, last-minute tax filers should make sure they have all their documents before filing a tax return. You should have received a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your...

File on Time Even if You Can’t Pay

by TaxGenuity Tax Experts | May 11, 2022 | Tax Advice

Generally, taxpayers should file their tax returns by the deadline even if they cannot pay the total amount due, but if you can’t, there are several options. Let’s take a look at a few scenarios: 1. An individual taxpayer owes taxes but can’t pay in...