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

Tax Implications When Employed in the Family Business

by TaxGenuity Tax Experts | Mar 8, 2023 | Tax Advice

When a family member employs someone, the tax implications depend on the relationship and the type of business. Taxpayers and employers need to understand their tax situation. Here is what to know: Married People in Business Together Generally, a qualified joint...

What To Do if You’re Missing Important Tax Documents

by TaxGenuity Tax Experts | Mar 5, 2023 | Tax Advice

As the April 18th tax deadline quickly approaches, last-minute tax filers should make sure they have all their documents before filing a tax return. You should have received a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your...

Five Overlooked Tax Breaks for Individuals

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

Are you confused about which credits and deductions you can claim on your 2022 tax return? You’re not alone. With tax law becoming more complicated every year, it’s hard to remember which tax breaks are available in any given year. With that in mind, here...

How Filing Status Affects Your Tax Return

by TaxGenuity Tax Experts | Feb 28, 2023 | Tax Advice

A taxpayer’s filing status defines the type of tax return form they should use when filing their taxes. Filing status can affect the amount of tax they owe, and it may even determine whether they need to file a tax return at all. As taxpayers get ready for the...

What Businesses Need To Know About the Excise Tax

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

Excise tax is an indirect tax on specific goods, services, and activities. Federal excise tax is usually imposed on the sale of things like fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, tobacco, and other goods and services. This tax...

Standard vs. Itemized Deductions

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

When completing a tax return, taxpayers have two options: take the standard deduction or itemize their deductions. Most taxpayers use the option that gives them the lowest overall tax. Due to all the tax law changes in recent years, including increases to the standard...

Unemployment Tax Break Refunds Issued for 2020

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

Final corrections for taxpayers who overpaid their taxes on unemployment compensation received in 2020 have been completed by the IRS. Approximately 14 million returns were corrected, resulting in nearly 12 million refunds totaling $14.8 billion. Background The...