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

IRS Tax Debt Could Affect Passport Renewal

by TaxGenuity Tax Experts | May 25, 2023 | Tax Advice

As a reminder, individuals with “seriously delinquent tax debts” are subject to a new set of provisions courtesy of the Fixing America’s Surface Transportation (FAST) Act, signed into law in December 2015. These provisions went into effect in...

Check the Status of a Tax Refund Using This IRS Tool

by TaxGenuity Tax Experts | May 22, 2023 | Tax Advice

Taxpayers can start checking their tax refund status within 24 hours after receiving an e-filed return. The easiest and most convenient way to do this is by using the “Where’s My Refund?” tool on the IRS website. The tool also provides a personalized...

Saving for Education: Understanding 529 Plans

by TaxGenuity Tax Experts | May 19, 2023 | Tax Advice

Many parents are looking for ways to save for their child’s education, and a 529 Plan is an excellent way to do so. Even better is that thanks to the passage of tax reform legislation in 2017, 529 plans are now available to parents wishing to save for their...

What Are Estimated Tax Payments?

by TaxGenuity Tax Experts | May 16, 2023 | Tax Advice

Estimated tax is the method used to pay tax on income not subject to withholding, such as income from self-employment, interest, dividends, alimony, and rent and gains from the sale of assets, prizes, and awards. You also may have to pay an estimated tax if the income...

Changing Jobs? Don’t Forget About Your 401(K)

by TaxGenuity Tax Experts | May 13, 2023 | Tax Advice

One of the most important questions you face when changing jobs is what to do with the money in your 401(k) because making the wrong move could cost you thousands of dollars or more in taxes and lower returns. Let’s say you work five years at your current job....

What To Do if You Missed the Tax Deadline

by TaxGenuity Tax Experts | May 10, 2023 | Tax Advice

Tuesday, April 18, 2023, was the deadline for most taxpayers to file their tax returns. If you haven’t filed a 2022 tax return yet, it’s not too late. First, gather any information related to income and deductions for the tax years for which a return is...

Special Tax Rules for Children With Investment Income

by TaxGenuity Tax Experts | May 7, 2023 | Tax Advice

Special tax rules may apply to some children who received investment income in 2022 or expect to receive it in 2023. Investment income generally includes interest, dividends, and capital gains. It also includes other unearned income, such as taxable scholarships or...