by TaxGenuity Tax Experts | May 23, 2021 | Tax Advice
The IRS is automatically refunding money to eligible people who filed their tax returns reporting unemployment compensation before the recent changes made by the American Rescue Plan. Background Typically, when an individual receives unemployment compensation, it is...
by TaxGenuity Tax Experts | May 21, 2021 | Tax Advice
Generally, taxpayers should file their tax returns by the deadline even if they cannot pay the full amount due, but if you can’t, there are several options. Let’s take a look at a few scenarios: 1. An individual taxpayer owes taxes, but can’t pay in...
by TaxGenuity Tax Experts | May 18, 2021 | 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...
by TaxGenuity Tax Experts | May 12, 2021 | Tax Advice
Many parents are looking for ways to save for their child’s education, and a 529 Plan is an excellent way to do so. Even better is that thanks to the passage of tax reform legislation in 2017, 529 plans are now available to parents wishing to save for their...
by TaxGenuity Tax Experts | May 9, 2021 | Tax Advice
Many businesses hire part-time or full-time workers, especially in the summer. The IRS classifies these employees as seasonal workers, defined as an employee who performs labor or services on a seasonal basis (i.e., six months or less). Examples of this kind of work...
