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

Filing an Amended Tax Return

by TaxGenuity Tax Experts | Jun 1, 2015 | Tax Advice

What should you do if you already filed your federal tax return and then discover a mistake? First of all, don’t worry. In most cases, all you have to do is file an amended tax return. But before you do that, here is what you should be aware of when filing an...

Seven Tips to Determine if Your Gift is Taxable

by TaxGenuity Tax Experts | May 29, 2015 | Tax Advice

If you gave money or property to someone as a gift, you may wonder about the federal gift tax. Many gifts are not subject to the gift tax. Here are seven tax tips about gifts and the gift tax. 1. Nontaxable Gifts. The general rule is that any gift is a taxable gift....

Relief for Certain Small Business Retirement Plans

by TaxGenuity Tax Experts | May 25, 2015 | Tax Advice

Small businesses that have failed to timely file certain required retirement plan returns have until Tuesday, June 2 to take advantage of a special IRS penalty relief program. Launched June 2, 2014, the one-year temporary pilot program is designed to help small...

Eight Facts on Late Filing and Payment Penalties

by TaxGenuity Tax Experts | May 21, 2015 | Tax Advice

April 15 is the annual deadline for most people to file their federal income tax return and pay any taxes they owe. If, for whatever reason, you missed the deadline you may be assessed penalties for both failing to file a tax return and for failing to pay taxes they...

Eight Facts to Know if You Receive an IRS Letter

by TaxGenuity Tax Experts | May 17, 2015 | Tax Advice

The IRS sends millions of letters and notices to taxpayers for a variety of reasons. Many of these letters and notices can be easily dealt with without having to call or visit an IRS office. Here are eight things you should know about if you receive a notice or letter...

Tax Implications of Retiring Overseas

by TaxGenuity Tax Experts | May 13, 2015 | Tax Advice

Are you approaching retirement age and wondering where you can retire to make your retirement nest egg last longer? Retiring abroad may be the answer. But first, it’s important to look at the tax implications because not all retirement country destinations are...

Paying Taxes on Household Helpers

by TaxGenuity Tax Experts | May 9, 2015 | Tax Advice

If you employ someone to work for you around your house, it is important to consider the tax implications of this 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 the road....