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

Small Business Tax Tips: Payroll Expenses

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

Federal law requires most employers to withhold federal taxes from their employees’ wages. Whether you’re a small business owner who’s just starting or one who has been in business a while and is ready to hire an employee or two, here are five things...

Tax Facts to Know If You’re Selling Your Home This Year

by TaxGenuity Tax Experts | Aug 27, 2020 | Tax Advice

In most cases, gains from sales are taxable. But did you know that if you sell your home, you may not have to pay taxes? Here are ten facts to keep in mind if you sell your home this year. 1. Exclusion of Gain. You may be able to exclude part or all of the gain from...

Temporary Relief for Retirement Plan Participants

by TaxGenuity Tax Experts | Aug 24, 2020 | Tax Advice

Temporary administrative relief has been issued that helps certain retirement plan participants or beneficiaries who need to make participant elections by allowing flexibility for remote signatures. Generally, signatures of the individual making the election must be...

RIC Shareholder Dividends Qualify as Section 199A

by TaxGenuity Tax Experts | Aug 21, 2020 | Tax Advice

Section 199A, enacted as part of the Tax Cuts and Jobs Act (TCJA), allows individual taxpayers and certain trusts and estates to deduct up to 20 percent of certain income (section 199A deduction). It is available to eligible taxpayers with qualified business income...

What is Form 1099-NEC?

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

Starting in tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation to report any payment of $600 or more to a payee. There is a new form that only applies to business taxpayers who pay or receive nonemployee compensation. Generally, payers must...

Tax Breaks for Teachers and Educators

by TaxGenuity Tax Experts | Aug 15, 2020 | Tax Advice

While many schools are switching to hybrid or remote learning models, teachers and other educators should remember that they can still deduct certain unreimbursed expenses such as classroom supplies, training, and travel. Deducting these expenses helps reduce the...

Filing an Amended Tax Return

by TaxGenuity Tax Experts | Aug 12, 2020 | Tax Advice

If you discover a mistake on your tax return after you’ve already filed, don’t panic. In most cases, all you have to do is file an amended tax return. Here’s what you need to know: Taxpayers should use Form 1040X, Amended U.S. Individual Income Tax...