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

Individual Taxpayers: The Year in Review

by TaxGenuity Tax Experts | Dec 1, 2022 | Tax Advice

As we close out the year and get ready for tax season, here’s what individuals and families need to know about tax provisions for 2022. Personal Exemptions Personal exemptions are eliminated for tax years 2018 through 2025. Standard Deductions The standard...

Avoid a Tax Surprise: Check Your Withholding

by TaxGenuity Tax Experts | Nov 29, 2022 | Tax Advice

While tax season may seem far away, the reality is that there are only two months left in the year. Now is the perfect time to review withholding and estimated tax payments to avoid a surprise tax bill next year. Adjust tax withholding Withholding is the amount of...

Taxpayer Alert: Significant Increase in Texting Scams

by TaxGenuity Tax Experts | Nov 25, 2022 | Tax Advice

To date, the IRS has identified and reported thousands of fraudulent domains tied to multiple text scams, known as smishing, targeting taxpayers. Recently, IRS-themed smishing has increased significantly. As such, taxpayers are reminded to be on the lookout for scams...

Beware Third Parties Promoting Improper ERC Claims

by TaxGenuity Tax Experts | Nov 21, 2022 | Tax Advice

Taxpayers are always responsible for the information reported on their tax returns. Businesses are encouraged to be cautious of advertised schemes and direct solicitations promising tax savings that are too good to be true. As such, employers should be wary of third...

Watch Out for Natural Disaster Donation Scams

by TaxGenuity Tax Experts | Nov 17, 2022 | Tax Advice

After a natural disaster, people often rally to help victims by donating money to charitable organizations that help disaster victims. Unfortunately, this can allow criminals to prey on them by soliciting donations from fake charities. As such, before donating to...

Deducting Casualty Losses on a Tax Return

by TaxGenuity Tax Experts | Nov 13, 2022 | Tax Advice

Every year, hurricanes, tornadoes, floods, wildfires, and other natural disasters affect US citizens. The bad news is that recovery efforts after natural disasters can be costly. For instance, when hurricanes strike, they not only cause wind damage but can cause...

Understanding IRAs: Terms to Know

by TaxGenuity Tax Experts | Nov 10, 2022 | Tax Advice

IRAs, or Individual Retirement Arrangements, provide tax incentives for people to make investments that can provide financial security for their retirement. To help people better understand this type of retirement savings account, here’s a basic overview of...