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

Student Loans: Cancellation of Debt Relief

by TaxGenuity Tax Experts | Feb 23, 2020 | Tax Advice

Taxpayers who took out federal or private student loans to finance their attendance at a nonprofit or for-profit school now qualify for safe harbor with regard to cancellation of debt income for discharged student loans. Relief is also extended to any creditor that...

Do You Need to File a 2019 Tax Return?

by TaxGenuity Tax Experts | Feb 20, 2020 | Tax Advice

Most people file a tax return because they have to, but even if you don’t, there are times when you should – because you might be eligible for a tax refund and not know it. The tax tips below should help you determine whether you’re one of them....

Claiming an Elderly Parent or Relative as a Dependent

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

Are you taking care of an elderly parent or relative? Whether it’s driving to doctor appointments, paying for nursing home care or medical expenses, or handling their personal finances, dealing with an elderly parent or relative can be emotionally and...

ACA Reporting Requirements for Employers

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

The health care law contains tax provisions that affect employers. Two parts of the Affordable Care Act apply only to applicable large employers. These are the employer shared responsibility provisions and the employer information reporting provisions for offers of...

2020 Tax Withholding: the new Form W-4

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

Form W-4, Employee’s Withholding Certificate, has been redesigned for 2020. Previously, income tax withholding was based on an employee’s marital status and withholding allowances or tied to the value of the personal exemption. With the revised Form W-4,...

Six Facts About Form 1040-SR

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

Taxpayers aged 65 or older now have the option to use Form 1040-SR, U.S. Tax Return for Seniors, thanks to the Bipartisan Budget Act of 2018, which required the IRS to create a new tax form for seniors. Here are six facts you should know: 1. Form 1040-SR is designed...

Tax Extenders, Retirement Plan Changes, and Repeals

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

The Further Consolidated Appropriations Act, 2020, signed into law on December 20, 2019, extended a number of expired tax provisions for business and individuals through 2020. It also included several retirement plan changes and repealed three health care taxes....