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

Tax Tips for Students With a Summer Job

by TaxGenuity Tax Experts | Jul 17, 2020 | Tax Advice

Whether the goal is to gain experience or earn some spending money or help pay for college, summer is the prime job season for teens and college students. This year, however, with the coronavirus pandemic, the job situation has not been as easy, not to mention it is...

Q & A: Returning an Economic Impact Payment

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

According to the Treasury Department, more than 159 million individuals have already received their Economic Impact Payments; however, a recent audit found that the IRS sent $1.4 billion in stimulus checks to deceased individuals. As such, many people may have...

Here’s How to Pay If You Owe Money to the IRS

by TaxGenuity Tax Experts | Jul 11, 2020 | Tax Advice

With the federal tax deadline just weeks away, taxpayers who owe money (including those who may owe estimated and other business taxes) should know about these six options for quick and easy electronic payments: Taxpayers who owe a 2019 income tax liability, as well...

July 15 Deadline for Reporting Foreign Income

by TaxGenuity Tax Experts | Jul 8, 2020 | Tax Advice

If you live or work outside the United States, you generally must file and pay your tax in the same way as people living in the U.S. This includes people with dual citizenship. Due to the coronavirus pandemic, people who live and work abroad have until Wednesday, July...

Small Business Financing: Securing a Loan

by TaxGenuity Tax Experts | Jul 5, 2020 | Tax Advice

At some point, most small business owners will visit a bank or other lending institution to borrow money. Understanding what your bank wants, and how to properly approach them, can mean the difference between getting a loan for expansion or scrambling to find cash...

Paying off Debt the Smart Way

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

With a potential economic downturn in the wings due to COVID-19, being debt-free is a worthwhile goal. Unfortunately, between mortgages, car loans, credit cards, and student loans, for most people – especially those of pre-retirement age – this is...

Flexibility for Taxpayer Elections in Cafeteria Plans

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

Temporary changes to Section 125 cafeteria plans due to the coronavirus pandemic allow flexibility for taxpayers participating in cafeteria plans. These changes include extending the claims period for health flexible spending arrangements (FSAs) and dependent care...