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

The Employee Business Expense Deduction

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

Before tax reform, an employee could deduct unreimbursed job expenses and other miscellaneous expenses that were more than two percent of adjusted gross income (AGI) as long as they itemized instead of taking the standard deduction. Starting in 2018, however, most...

What Is a Designated Roth Account?

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

Many 401(k) plans allow taxpayers to make Roth contributions as long as the plan has a designated Roth account. Your plan may also allow you to transfer amounts to the designated Roth account in the plan or borrow money. Check with your employer to find out if your...

Small Business: Rent Expenses May Be Tax-deductible

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

If you’re a small business owner just starting out, you may not realize that some rent expenses may be deductible on your tax return. Here are some things small business owners should keep in mind when it comes to deducting rental expenses: How Rent is Defined...

New Online Option for Certain IRS Notices

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

Taxpayers who receive certain notices requiring them to send information to the IRS can now submit their documentation online through IRS.gov. This new secure step will allow taxpayers or their tax professionals to upload documents electronically rather than mailing...

State Payments Excluded From 2022 Federal Returns

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

Taxpayers in 21 states received special payments related to general welfare and disaster relief in 2022. However, according to recently issued guidance from the IRS, they will not need to report these payments on their 2022 federal tax returns. The special tax refunds...

There’s Still Time To Make an IRA Contribution for 2022

by TaxGenuity Tax Experts | Mar 17, 2023 | Tax Advice

If you haven’t contributed funds to an Individual Retirement Account (IRA) for tax year 2022 or put in less than the maximum allowed, you still have time to do so. You can contribute to either a traditional or Roth IRA until the April 18, 2023, due date, not...

Social Security Benefits: Are They Taxable?

by TaxGenuity Tax Experts | Mar 14, 2023 | Tax Advice

Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable. Generally, you pay federal income taxes on your Social Security benefits only if you have...