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

Do You Need To File a 2020 Tax Return?

by TaxGenuity Tax Experts | Feb 17, 2021 | Tax Advice

Most people file a tax return because they have to, but even if you don’t, there are times when you should – because you might be eligible for a tax refund and not know it. The tax tips below should help you determine whether you’re one of them....

Taxable vs. Nontaxable Income

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

Are you wondering if there’s a hard and fast rule about what income is taxable and what income is not taxable? The quick answer is that all income is taxable unless the law specifically excludes it. But as you might have guessed, there’s more to it than...

Employer Tax Credit Extended for Payroll Workers

by TaxGenuity Tax Experts | Feb 10, 2021 | Tax Advice

The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted December 27, 2020, made several changes to employee retention tax credits. These tax credits were previously made available under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act)....

What’s New for 2020 Tax Returns

by TaxGenuity Tax Experts | Feb 8, 2021 | Tax Advice

As always, taxpayers should be aware of several key items involving credits, deductions, and refunds when filing their tax returns. Let’s take a look: 1. Recovery Rebate Credit/Economic Impact Payment. In January, the Treasury Department and the IRS began...

Tax Filing Season Starts February 12

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

Although tax season usually starts in late January, this year, the tax filing season is delayed until February 12, 2021. The delayed start date for individual tax return filers allowed the IRS time to do additional programming and testing of IRS systems following the...

Protecting Business Taxpayers From Identity Theft

by TaxGenuity Tax Experts | Feb 4, 2021 | Tax Advice

Starting December 13, 2020, the IRS began masking sensitive data on business tax transcripts. Previously, only sensitive data on individual tax transcripts was masked. Here’s what you need to know about this new initiative to protect business taxpayers from...

Understanding the Excise Tax

by TaxGenuity Tax Experts | Feb 2, 2021 | Tax Advice

An excise tax is a tax that is generally imposed on the sale of specific goods or services, or on certain uses. Examples of things a federal excise tax is usually imposed on include the sale of fuel, airline tickets, heavy trucks and highway tractors, indoor tanning,...