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

Tax Credits for Energy-Efficient Home Improvements

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

Taxpayers making certain energy-efficient updates to their homes are reminded that they could qualify for home energy tax credits. The credit amounts and types of qualifying expenses were expanded by the Inflation Reduction Act of 2022. Taxpayers who make energy...

July 17 Deadline for Unclaimed 2019 Tax Refunds

by TaxGenuity Tax Experts | Jun 27, 2023 | Tax Advice

Nearly $1.5 billion in refunds remain unclaimed because some people haven’t filed their 2019 tax returns yet. Under the law, taxpayers usually have three years to file and claim their tax refunds. If they don’t file within three years, the money becomes...

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Pre-tax or deductible contributions to a Health Savings Account (HSA) can be withdrawn tax-free to pay qualified current or future medical expenses of the account owner, his or her spouse, and any qualified dependent.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