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

Verifying Your Identity When Calling the IRS

by TaxGenuity Tax Experts | Sep 16, 2021 | Tax Advice

Sometimes, taxpayers need to call the IRS about a tax matter. If this is the case, they should know that IRS phone assistors take great care to only discuss personal information with the taxpayer or someone the taxpayer authorizes to speak on their behalf. As such,...

Six Things To Know Before You Start a Business

by TaxGenuity Tax Experts | Sep 13, 2021 | Tax Advice

Starting your own business is an exciting prospect, but there is more to it than simply writing a business plan. Understanding the tax responsibilities of starting a business venture can save taxpayers money and help set them up for success. That’s where a tax...

What Is a Designated Roth Account?

by TaxGenuity Tax Experts | Sep 10, 2021 | Tax Advice

Many 401(k) plans allow taxpayers to make Roth contributions as long as the plan has a designated Roth account. Your plan may also allow you to transfer amounts to the designated Roth account in the plan or borrow money. Check with your employer to find out if your...

How To Get an Identity Protection Pin

by TaxGenuity Tax Experts | Sep 7, 2021 | Tax Advice

An Identity Protection PIN is a six-digit number eligible taxpayers get to help prevent their Social Security number or Individual Taxpayer Identification Number from being used to file fraudulent federal income tax returns. This number helps the IRS verify a...

Tax Relief for Those Affected by Natural Disasters

by TaxGenuity Tax Experts | Sep 7, 2021 | Tax Advice

Recovery efforts after natural disasters can be costly. With floods, tornadoes, hurricanes, earthquakes, and other natural disasters affecting so many people throughout the U.S. this year, many have been left wondering how they’re going to pay for the cleanup or...

Keeping Good Tax Records Is Essential

by TaxGenuity Tax Experts | Aug 29, 2021 | Tax Advice

An important part of tax planning is keeping good records. Having an organized recordkeeping system makes it easier to file a tax return or understand a letter from the IRS. Here are some tips: Good Recordkeeping Helps Taxpayers: Identify sources of income. Taxpayers...

Repaying Deferred Social Security Tax

by TaxGenuity Tax Experts | Aug 26, 2021 | Tax Advice

The Coronavirus Aid, Relief, and Economic Security Act allowed self-employed individuals and household employers to defer the payment of certain Social Security taxes on their Form 1040 for tax year 2020 over the next two years. Half of the deferred Social Security...