Welcome to the TaxGenuity Blog

As a quick reminder, the purchase of personal protective equipment, such as masks, hand sanitizer and sanitizing wipes, for the primary purpose of preventing the spread of coronavirus are deductible medical expenses. The amounts paid for personal protective equipment...

The Coronavirus, Aid, Relief and Economic Security (CARES) Act made it easier to access savings in IRAs and workplace retirement plans for those affected by the coronavirus. This relief provided favorable tax treatment for certain withdrawals from retirement plans and...

The gig economy is also referred to as the on-demand, sharing or access economy. People involved in the gig economy earn income as a freelancer, independent worker or employee. Typically, an online platform is used to connect people with potential or actual customers...

The Paycheck Protection Program Extension Act of 2021was signed into law on March 31, 2021, extending the deadline to apply for a loan by an extra 60 days, from March 31 to May 31, 2021. The law also gives the Small Business Administration (SBA) an additional 30 days...

Generally, unemployment compensation received under the unemployment compensation laws of the United States or of a state is considered taxable income and must be reported on your federal tax return. However, a new tax break - in effect only for the 2020 tax year -...

On March 12, following the approval and signing of the American Rescue Plan Act, the first batch of $1,400 stimulus payments - part of the third round of Economic Impact Payments - were sent out by the IRS. While most payments were sent out via direct deposit,...

Signed into law on March 11, 2021, the American Rescue Plan Act (ARPA) contains a number of tax provisions affecting individuals and families. Let's take a look: Economic Impact Payments (EIP3). A third round of economic impact payments (EIP3) will be sent to...

The federal income tax filing due date for individual taxpayers, including individuals who pay self-employment tax, has been extended to Monday, May 17, 2021 for the 2020 tax year. There is no need to file any forms to qualify for this automatic federal tax filing and...

Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable. Generally, you pay federal income taxes on your Social Security benefits only if you have...

If you haven't contributed funds to an Individual Retirement Account (IRA) for tax year 2020, or if you've put in less than the maximum allowed, you still have time to do so. You can contribute to either a traditional or Roth IRA until the April 15, 2021, due date,...