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

Working Remotely Could Affect Your Taxes

by TaxGenuity Tax Experts | Dec 7, 2020 | Tax Advice

When COVID-19 struck last March, employers quickly switched to a work-from-home model for their employees, many of whom began working in a state other than the one in which their office was located. While some workers have returned to their offices, many have not.If...

Business Tax Provisions: The Year in Review

by TaxGenuity Tax Experts | Dec 4, 2020 | Tax Advice

Here’s what business owners need to know about tax changes for 2020. Standard Mileage Rates The standard mileage rate in 2020 is 57.5 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 2020

by TaxGenuity Tax Experts | Dec 1, 2020 | 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 2020. Personal Exemptions Personal exemptions are eliminated for tax years 2018 through 2025. Standard Deductions The standard...

Individual Retirement Arrangements: Terms To Know

by TaxGenuity Tax Experts | Nov 30, 2020 | Tax Advice

While many taxpayers already know about Individual Retirement Arrangements, or IRAs, and have set up an IRA with a bank or other financial institution, a life insurance company, mutual fund or stockbroker, there are other taxpayers such as those new to the workforce...

Tax-Related Items To Keep in Mind When Disaster Strikes

by TaxGenuity Tax Experts | Nov 26, 2020 | Tax Advice

Unfortunately, disaster can strike at any time. If you’ve been affected by a disaster this year, here are six tax-related things to keep in mind that usually happen after a major disaster strikes: 1. FEMA Declaration of Major Disaster Area Before the IRS can...

Tips for Taxpayers: Backup Withholding

by TaxGenuity Tax Experts | Nov 22, 2020 | Tax Advice

Taxpayers receiving certain types of income typically reported on certain Forms 1099 and W-2G may need to have backup withholding deducted from these payments. Here are three tips to help taxpayers understand backup withholding: 1. Backup withholding is required on...

Seasonal Workers and the Healthcare Law

by TaxGenuity Tax Experts | Nov 18, 2020 | Tax Advice

Businesses often need to hire workers on a seasonal or part-time basis. For example, some businesses may need seasonal help for holidays, harvest seasons, commercial fishing, or sporting events. Whether you are getting paid or paying someone else, questions often...