by TaxGenuity Tax Experts | Feb 5, 2020 | Tax Advice
January 27, 2020, marked the start of this year’s tax filing season. Complicating matters is a newly revised Form 1040, U.S. Individual Income Tax Return. With more than 150 million individual tax returns expected to be filed for the 2019 tax year, here’s...
by TaxGenuity Tax Experts | Jan 30, 2020 | Tax Advice
If you are having trouble paying your debts, it is important to take action sooner rather than later. Doing nothing leads to much larger problems in the future, whether it’s a bad credit record or bankruptcy resulting in the loss of assets and even your home. If...
by TaxGenuity Tax Experts | Jan 27, 2020 | Tax Advice
Many taxpayers opt for the standard deduction because it is easier, but sometimes itemizing your deductions is the better choice – often resulting in a lower tax bill. Whether you bought a house, refinanced your current home, or had extensive gambling losses,...
by TaxGenuity Tax Experts | Jan 21, 2020 | Tax Advice
It’s January and tax season is right around the corner. For many people that means scrambling to collect receipts, mileage logs, and other tax-related documents needed to prepare their tax returns. If this describes you, chances are, you’re wishing...
by TaxGenuity Tax Experts | Jan 18, 2020 | Tax Advice
Final regulations were recently issued regarding details about investment in qualified opportunity zones (QOZ) that modified and finalized proposed regulations for QOFs and QOZ businesses that were previously issued on October 28, 2018, and May 1, 2019. The final...
by TaxGenuity Tax Experts | Jan 15, 2020 | Tax Advice
Small business owners are reminded to review the rules for filing two commonly-used employment tax returns: Form 944, Employer’s Annual Federal Tax Return and Form 941, Employer’s Quarterly Federal Tax Return. A small business files one or the other; these...
by TaxGenuity Tax Experts | Jan 12, 2020 | Tax Advice
Starting January 1, 2020, the standard mileage rates for the use of a car, van, pickup or panel truck are as follows: 57.5 cents per mile driven for business use, down one half of a cent from the rate for 2019 17 cents per mile driven for medical or moving purposes,...
