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

Personal Protective Equipment Qualifies for Deduction

by TaxGenuity Tax Experts | Apr 27, 2021 | Tax Advice

As a quick reminder, the purchase of personal protective equipment, such as masks, hand sanitizer and sanitizing wipes, for the primary purpose of preventing the spread of coronavirus are deductible medical expenses. The amounts paid for personal protective equipment...

Coronavirus-related Distributions and Loans

by TaxGenuity Tax Experts | Apr 24, 2021 | Tax Advice

The Coronavirus, Aid, Relief and Economic Security (CARES) Act made it easier to access savings in IRAs and workplace retirement plans for those affected by the coronavirus. This relief provided favorable tax treatment for certain withdrawals from retirement plans and...

Include Gig Economy Income on Tax Returns

by TaxGenuity Tax Experts | Apr 18, 2021 | Tax Advice

The gig economy is also referred to as the on-demand, sharing or access economy. People involved in the gig economy earn income as a freelancer, independent worker or employee. Typically, an online platform is used to connect people with potential or actual customers...

PPP Loan Deadline Extended Through May 31

by TaxGenuity Tax Experts | Apr 15, 2021 | Tax Advice

The Paycheck Protection Program Extension Act of 2021was signed into law on March 31, 2021, extending the deadline to apply for a loan by an extra 60 days, from March 31 to May 31, 2021. The law also gives the Small Business Administration (SBA) an additional 30 days...

Q & A: the $10,200 Unemployment Tax Break

by TaxGenuity Tax Experts | Apr 12, 2021 | Tax Advice

Generally, unemployment compensation received under the unemployment compensation laws of the United States or of a state is considered taxable income and must be reported on your federal tax return. However, a new tax break – in effect only for the 2020 tax...

Economic Impact Payments: Round Three

by TaxGenuity Tax Experts | Apr 9, 2021 | Tax Advice

On March 12, following the approval and signing of the American Rescue Plan Act, the first batch of $1,400 stimulus payments – part of the third round of Economic Impact Payments – were sent out by the IRS. While most payments were sent out via direct...

Highlights of the American Rescue Plan Act

by TaxGenuity Tax Experts | Apr 6, 2021 | Tax Advice

Signed into law on March 11, 2021, the American Rescue Plan Act (ARPA) contains a number of tax provisions affecting individuals and families. Let’s take a look: Economic Impact Payments (EIP3). A third round of economic impact payments (EIP3) will be sent to...