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

What to do if you get a Letter from the IRS

by TaxGenuity Tax Experts | Jun 30, 2016 | Tax Advice

Each year, the IRS mails millions of notices and letters to taxpayers for a variety of reasons. If you receive correspondence from the IRS here’s what to do: Don’t panic. You can usually deal with a notice simply by responding to it. Most IRS notices are...

Tax Tips for Students with a Summer Job

by TaxGenuity Tax Experts | Jun 27, 2016 | Tax Advice

Is your child a student with a summer job? Here’s what you should know about the income your child earns over the summer. All taxpayers fill out a W-4 when starting a new job. This form is used by employers to determine the amount of tax that will be withheld...

A Name Change Could Affect your Taxes

by TaxGenuity Tax Experts | Jun 24, 2016 | Tax Advice

Did you know that a name change could impact your taxes? Here’s what you need to know: 1. Report Name Changes. Did you get married and are now using your new spouse’s last name or hyphenate your last name? Did you divorce and go back to using your former...

Tax Tips for Deducting Losses from a Disaster

by TaxGenuity Tax Experts | Jun 21, 2016 | Tax Advice

If you suffer damage to your home or personal property, you may be able to deduct the losses you incur on your federal income tax return. Here are 10 tax tips you should know about regarding casualty loss deductions: 1. Casualty loss. You may be able to deduct losses...

What is the Additional Medicare Tax?

by TaxGenuity Tax Experts | Jun 18, 2016 | Tax Advice

Some taxpayers may be required to pay an Additional Medicare Tax if their income exceeds certain limits. Here are some things that you should know about this tax: 1. Tax Rate. The Additional Medicare Tax rate is 0.9 percent. 2. Income Subject to Tax. The tax applies...

Tax Breaks for Hiring New Employees

by TaxGenuity Tax Experts | Jun 15, 2016 | Tax Advice

If you’re thinking about hiring new employees this year, you won’t want to miss out on these tax breaks. 1. Work Opportunity Credit The Work Opportunity Tax Credit (WOTC) is a federal tax credit that employers can take when they hire employees from the...

Tips for Taxpayers with Foreign Income

by TaxGenuity Tax Experts | Jun 12, 2016 | Tax Advice

If you are living or working outside the United States, you generally must file and pay your tax in the same way as people living in the U.S. This includes people with dual citizenship. In addition, U.S. taxpayers with foreign accounts exceeding certain thresholds may...