by TaxGenuity Tax Experts | Sep 19, 2020 | Tax Advice
With more people working from home than ever before, taxpayers may be wondering if they can claim a home office deduction when they file their 2020 tax return next year. The short answer is that self-employed taxpayers who use their home for business may be able to...
by TaxGenuity Tax Experts | Sep 16, 2020 | Tax Advice
Form 1040-X has been one of the last major individual tax forms that needed to be paper-filed, but now taxpayers can quickly correct previously filed tax returns by submitting Form 1040-X, Amended U.S. Individual Income Tax Return electronically using commercial...
by TaxGenuity Tax Experts | Sep 10, 2020 | Tax Advice
If you employ someone to work for you around your house, it is important to consider the tax implications of this type of arrangement. While many people disregard the need to pay taxes on household employees, they do so at the risk of paying stiff tax penalties down...
by TaxGenuity Tax Experts | Sep 7, 2020 | Tax Advice
As you approach retirement, it’s vital that you pay attention to key financial matters to ensure a smooth transition. Here are five of them: 1. Health Insurance Are you among the lucky few who will continue to be covered after retirement? If not, then...
by TaxGenuity Tax Experts | Sep 4, 2020 | Tax Advice
While it might seem like tax season just ended, it is never too early to do a “Paycheck Checkup” to make sure the right amount of tax is withheld from earnings – and avoid a tax surprise next year when filing your 2020 tax return. As a reminder,...
by TaxGenuity Tax Experts | Sep 1, 2020 | Tax Advice
On August 8, 2020, the President of the United States issued a Presidential Memorandum allowing employers to defer withholding and payment of the employee’s portion of the Social Security tax if the employee’s wages are below a certain amount. Medicare...
by TaxGenuity Tax Experts | Aug 30, 2020 | Tax Advice
Federal law requires most employers to withhold federal taxes from their employees’ wages. Whether you’re a small business owner who’s just starting or one who has been in business a while and is ready to hire an employee or two, here are five things...
