Welcome to the TaxGenuity Blog

Are you a student with a summer job or the parent of a student with a summer job? Here are seven things you should know about the income earned by students during the summer months. All new employees fill out a W-4 when starting a new job. This form is used by...

Small business owners are reminded that tax reform legislation lowered the backup withholding tax rate to 24 percent. In addition, the withholding rate that usually applies to bonuses and other supplemental wages was also lowered to 22 percent. As such, employers...

The key to avoiding headaches at tax time is keeping track of your receipts and other records throughout the year. Whether you use an excel spreadsheet, an app, an online system or keep your receipts organized in a folding file organized by month, good record-keeping...

If you've decided to start a business, one of the most important decisions you'll need to make is choosing a legal entity. It's a decision that impacts many things--from the amount of taxes you pay to how much paperwork you have to deal with and what type of personal...

If you've ever used--or provided services for-- Uber, Lyft, Airbnb, Etsy, Rover, or TaskRabbit. then you're a member of the sharing economy and it could affect your taxes. The good news is that if you've only used these services (and not provided them), then there's...

If you discover a mistake on your tax return after you've already filed, don't panic. In most cases, all you have to do is file an amended tax return. Here's what you need to know. Taxpayers should use Form 1040X, Amended U.S. Individual Income Tax Return, to file an...

Starting May 13, 2019 only individuals with tax identification numbers may request an Employer Identification Number (EIN) as the "responsible party" on the application. An EIN is a nine-digit tax identification number assigned to sole proprietors, corporations,...

As a reminder, individuals with "seriously delinquent tax debts" are subject to a new set of provisions courtesy of the Fixing America's Surface Transportation (FAST) Act, signed into law in December 2015. These provisions went into effect in February 2018. The FAST...

The tax credit available for purchasers of new General Motors plug-in electric vehicles begins phasing out on April 1, 2019. The phaseout was triggered because General Motors, LLC has sold more than 200,000 vehicles eligible for the plug-in electric drive motor...

Tax-related identity theft occurs when someone uses your stolen Social Security number to file a tax return claiming a fraudulent refund. It presents challenges to individuals, businesses, organizations and government agencies, including the IRS. Learning that you are...