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

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...

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...