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

Recordkeeping Tips for Individuals and Businesses

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

The key to avoiding headaches at tax time is keeping track of your receipts and other records throughout the year. Whether you use an excel spreadsheet, an app, an online system or keep your receipts organized in a folding file organized by month, good record-keeping...

The Home Office Deduction

by TaxGenuity Tax Experts | Sep 19, 2020 | Tax Advice

With more people working from home than ever before, taxpayers may be wondering if they can claim a home office deduction when they file their 2020 tax return next year. The short answer is that self-employed taxpayers who use their home for business may be able to...

IRS Form 1040-X Now Available for E-Filing

by TaxGenuity Tax Experts | Sep 16, 2020 | Tax Advice

Form 1040-X has been one of the last major individual tax forms that needed to be paper-filed, but now taxpayers can quickly correct previously filed tax returns by submitting Form 1040-X, Amended U.S. Individual Income Tax Return electronically using commercial...

Tax Considerations When Hiring Household Help

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

If you employ someone to work for you around your house, it is important to consider the tax implications of this type of arrangement. While many people disregard the need to pay taxes on household employees, they do so at the risk of paying stiff tax penalties down...

Preparing for a Successful Retirement

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

As you approach retirement, it’s vital that you pay attention to key financial matters to ensure a smooth transition. Here are five of them: 1. Health Insurance Are you among the lucky few who will continue to be covered after retirement? If not, then...

It’s Never Too Early to Check Tax Withholding

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

While it might seem like tax season just ended, it is never too early to do a “Paycheck Checkup” to make sure the right amount of tax is withheld from earnings – and avoid a tax surprise next year when filing your 2020 tax return. As a reminder,...

Small Business Update: Payroll Tax Deferral

by TaxGenuity Tax Experts | Sep 1, 2020 | Tax Advice

On August 8, 2020, the President of the United States issued a Presidential Memorandum allowing employers to defer withholding and payment of the employee’s portion of the Social Security tax if the employee’s wages are below a certain amount. Medicare...