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

HSA Limits Increase for 2024

by TaxGenuity Tax Experts | Jun 26, 2023 | Tax Advice

Pre-tax or deductible contributions to a Health Savings Account (HSA) can be withdrawn tax-free to pay qualified current or future medical expenses of the account owner, his or her spouse, and any qualified dependent. Contribution limits are adjusted annually for...

What To Do if You Receive an IRS CP2000 Notice

by TaxGenuity Tax Experts | Jun 23, 2023 | Tax Advice

An IRS CP2000 notice is mailed to a taxpayer when income reported from third-party sources such as an employer, bank, or mortgage company does not match the income reported on the tax return. It is not a tax bill or a formal audit notification; it merely informs you...

Avoiding a Tax Surprise When Retiring Overseas

by TaxGenuity Tax Experts | Jun 22, 2023 | 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...

Tax Withholding for Seasonal and Part-Time Employees

by TaxGenuity Tax Experts | Jun 21, 2023 | Tax Advice

Many businesses hire workers for only part of the year, especially in the summer. The IRS classifies these employees as seasonal workers, defined as employees performing labor or services on a seasonal basis (i.e., six months or less). Examples of this kind of work...

Employee Relocation: What Happens to Your Home?

by TaxGenuity Tax Experts | Jun 20, 2023 | Tax Advice

Employees and small business owners often have questions about how to protect employees who are being relocated against financial loss on a “forced” sale of their home. Here are some answers. Employees There are two common ways to minimize the negative...

Certain Taxpayers May Need to File an Amended Return

by TaxGenuity Tax Experts | Jun 2, 2023 | Tax Advice

Taxpayers who reported certain state 2022 tax refunds as taxable income may need to file an amended tax return. Affected taxpayers include those who filed before February 10, 2023, and meet certain requirements. Taxpayers who used a tax professional should consult...

Small Business: Choosing a Payroll Service Provider

by TaxGenuity Tax Experts | May 31, 2023 | Tax Advice

When choosing a payroll service provider to handle payroll and payroll tax, employers should choose a trusted payroll service to help them avoid missed deposits for employment taxes and other unpaid bills. Typically, these clients remain legally responsible for paying...