Welcome to the TaxGenuity Blog

It's never too late to start, but the sooner you begin saving, the more time your money has to grow. Gains each year build on the prior year's gains - that's the power of compounding - and the best way to accumulate wealth. These ten tips will help you get started:...

While the Net Investment Income Tax (NIIT) tends to affect wealthier individuals most often, in certain circumstances, it can also affect moderate-income taxpayers whose income increases significantly in a given tax year. Here's what you need to know. What is the Net...

Taxpayers who relinquish citizenship without complying with their U.S. tax obligations are subject to the significant tax consequences of the U.S. expatriation tax regime. If you're an expat who has relinquished - or intends to relinquish - your U.S. citizenship but...

Business owners, as well as employees, often have questions about what to do with an employee's home - and what the tax consequences might be - when he or she is moved to a new job location. Here are some answers. Employees Most employers want to protect the employee...

Estimated tax is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, alimony, and rent and gains from the sale of assets, prizes, and awards. You also may have to pay an estimated tax...

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

The Internal Revenue Service has started sending letters to more than 36 million American families who, based on tax returns filed with the agency, may be eligible to receive monthly Child Tax Credit payments starting July 15, 2021. Here's what families need to know:...

If your child is a student with a summer job, your child's income over the summer is considered taxable income. Here's what they should know: Form W-4. When anyone gets a new job, they need to fill out a Form W-4, Employee's Withholding Allowance Certificate....

After a taxpayer has been issued an Economic Impact Payment, the IRS is required to mail an Economic Impact Notice to the recipient at their last known address. This notice provides information about the amount of the Economic Impact Payment, how it was made, and how...

Contributions to a Health Savings Account (HSA) are used to pay current or future medical expenses of the account owner, his or her spouse, and any qualified dependent and are adjusted annually for inflation. For 2022, the annual inflation-adjusted contribution limit...