Tax Advice | TaxGenuity, Inc. - Tax Experts & IRS Problem Solvers

Correct Filing Status and Reporting Name Changes

by TaxGenuity Tax Experts | Apr 28, 2018 | Tax Advice

f you haven’t filed your taxes yet, it’s time to stop procrastinating. If you’re not sure what to do first, the fastest way to get started is to figure out which filing status applies to you. In addition, if your name or that of a dependent changed...

Time for a Paycheck Checkup

by TaxGenuity Tax Experts | Apr 25, 2018 | Tax Advice

Withholding issues can be complicated, and with the passage of the recent tax reform legislation–most of which takes effect starting in 2018–, it’s important to make sure the right amount of tax is withheld for your personal tax situation. As a first...

Five Tax Tips for Older Americans

by TaxGenuity Tax Experts | Apr 22, 2018 | Tax Advice

Everyone wants to save money on their taxes, and older Americans are no exception. If you’re age 50 or older, here are five tax tips that could help you do just that. 1. Standard Deduction for Seniors. If you and/or your spouse are 65 years old or older and you...

Canceled Debt may be Taxable

by TaxGenuity Tax Experts | Apr 19, 2018 | Tax Advice

If a lender cancels part or all of a debt, a taxpayer must generally consider this as income. However, the law allows an exclusion that may apply to homeowners who had their mortgage debt canceled in 2017. Here are seven things you should know about debt cancellation:...

Late Filing and Late Payment Penalties

by TaxGenuity Tax Experts | Apr 16, 2018 | Tax Advice

April 17 is the deadline for most people to file their federal income tax return and pay any taxes they owe. The bad news is that if you miss the deadline (for whatever reason) you may be assessed penalties for both failing to file a tax return and for failing to pay...

Refundable vs. Non-Refundable Tax Credits

by TaxGenuity Tax Experts | Apr 13, 2018 | Tax Advice

Tax credits can reduce your tax bill or give you a bigger refund but not all tax credits are created equal. While most tax credits are refundable, some credits are nonrefundable but before we take a look at the difference between refundable and nonrefundable tax...

IRS Dirty Dozen Tax Scams for 2018

by TaxGenuity Tax Experts | Apr 10, 2018 | Tax Advice

Compiled annually by the IRS, the “Dirty Dozen” is a list of common scams taxpayers may encounter. While many of these scams peak during the tax filing season, they may be encountered at any time during the year. Here is this year’s list: 1. Phishing...