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

Tax Reform Reminder: Changes to Itemized Deductions

by TaxGenuity Tax Experts | Jul 27, 2019 | Tax Advice

Under tax reform, many tax laws changed, including those affecting itemized deductions. While many people no longer need to itemize due to the nearly doubling of the standard deduction, certain taxpayers whose total deductions exceed the standard deduction may still...

IRS Ends Tax Transcript Fax and Third-Party Services

by TaxGenuity Tax Experts | Jul 23, 2019 | Tax Advice

Due to ongoing efforts to protect taxpayers from identity thieves, the Internal Revenue Service no longer offers tax transcript faxing service and third-party mailing of tax returns and certain transcripts. These measures are effective June 28 and July 1, 2019...

10 Facts about the Adoption Tax Credit

by TaxGenuity Tax Experts | Jul 19, 2019 | Tax Advice

If you adopt a child in 2019, you may qualify for a tax credit, and if your employer helped pay for the costs of an adoption, you may be able to exclude some of your income from tax. Here are ten facts you should know about the Adoption Tax Credit. 1. Credit or...

Special Tax Breaks for Members of the Armed Forces

by TaxGenuity Tax Experts | Jul 15, 2019 | Tax Advice

Active members of the U.S. Armed Forces should be aware that there are special tax benefits available to them such as not having to pay taxes on some types of income or more time to file and pay their federal taxes. If you’re an active member of the armed...

Your Canceled Debt Could Be Taxable

by TaxGenuity Tax Experts | Jul 11, 2019 | Tax Advice

Generally, debt that is forgiven or canceled by a lender is considered taxable income by the IRS and must be included as income on your tax return. When that debt is forgiven, negotiated down (when you pay less than you owe), or canceled you will receive a Form...

Deducting Business-Related Car Expenses

by TaxGenuity Tax Experts | Jul 7, 2019 | Tax Advice

If you’re self-employed and use your car for business, you can deduct certain business-related car expenses. There are two options for claiming deductions: Actual Expenses. To use the actual expense method, you need to figure out the actual costs of operating...

What to Do if You Receive an IRS CP2000 Notice

by TaxGenuity Tax Experts | Jul 3, 2019 | Tax Advice

n IRS CP2000 notice is mailed to a taxpayer when income reported from third-party sources such as an employer, bank, or mortgage company does not match the income reported on the tax return. It is not a tax bill or a formal audit notification; it merely informs you...