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

Health Coverage Terms Employers Should Know

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

Under the Affordable Care Act, certain employers – known as applicable large employers – are subject to the employer shared responsibility provisions. You might be thinking about these topics as you make plans about 2021 health coverage for your employees....

Choosing a Retirement Destination: Tax Considerations

by TaxGenuity Tax Experts | Oct 14, 2020 | Tax Advice

With health care, housing, food, and transportation costs increasing every year, many retirees on fixed incomes wonder how they can stretch their dollars even further. One solution is to move to another state where income taxes are lower than the one in which they...

Taking Early Withdrawals From Retirement Accounts

by TaxGenuity Tax Experts | Oct 10, 2020 | Tax Advice

While taking money out of a retirement fund before age 59 1/2 is usually not recommended, in certain cases, it may be unavoidable, especially during times of economic crisis. If you need cash and have a retirement fund you can tap, here’s what you need to know....

Tax Treatment of Virtual Currency Transactions

by TaxGenuity Tax Experts | Oct 6, 2020 | Tax Advice

Whether you’ve invested in Bitcoin and sold it at a profit or loss or received it for services performed, you’ll need to report it on your tax return. Here’s what you should know: Background Prior to 2014, there was no IRS guidance and many people...

Six Tips for Starting Your Own Business

by TaxGenuity Tax Experts | Oct 2, 2020 | Tax Advice

Starting your own business can be an exciting prospect, but there is more to it than simply writing a business plan. Also, if you expect to have employees, there are a variety of federal and state forms and applications that you need to complete to get your business...

What To Do If You Get a Letter From the IRS

by TaxGenuity Tax Experts | Sep 28, 2020 | Tax Advice

Each year, the IRS mails millions of notices and letters to taxpayers for a variety of reasons. If you receive correspondence from the IRS don’t panic. You can usually deal with a notice simply by responding to it. Most IRS notices are about federal tax returns...

E-Signatures Temporarily Allowed for Certain Forms

by TaxGenuity Tax Experts | Sep 25, 2020 | Tax Advice

The use of digital signatures on certain forms that cannot be filed electronically will now be allowed temporarily. Expanding the use of digital signatures will help to protect the health of taxpayers and tax professionals during the coronavirus pandemic by reducing...