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

Settling Tax Debt With an IRS Offer in Compromise

by TaxGenuity Tax Experts | Apr 4, 2022 | Tax Advice

An offer in compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service that settles a taxpayer’s tax liabilities for less than the full amount owed. That’s the good news. The bad news is that not everyone can use this option to...

Reminder: Protect Yourself From Scammers

by TaxGenuity Tax Experts | Mar 31, 2022 | Tax Advice

Understanding how the IRS communicates can help taxpayers protect themselves from scammers who pretend to be from the IRS with the goal of stealing personal information. For example, the IRS typically does not call a taxpayer, but if the IRS does call, it should not...

What Is the Credit for Other Dependents?

by TaxGenuity Tax Experts | Mar 28, 2022 | Tax Advice

The credit for other dependents is a tax credit available to taxpayers for each of their qualifying dependents who can’t be claimed for the child tax credit. The maximum credit amount is $500 for each dependent who meets certain conditions. These include:...

The Facts: Taxable vs. Nontaxable Income

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

Are you wondering if there’s a hard and fast rule about what income is taxable and what income is not taxable? The quick answer is that all income is taxable unless the law specifically excludes it. But as you might have guessed, there’s more to it than...

Employee Business Expense Deductions: Who Qualifies?

by TaxGenuity Tax Experts | Mar 22, 2022 | Tax Advice

Prior to tax reform, an employee could deduct unreimbursed job expenses, along with certain 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...

Business Meals Fully Deductible in 2021 and 2022

by TaxGenuity Tax Experts | Mar 19, 2022 | Tax Advice

Beginning January 1, 2021, and extending through December 31, 2022, businesses can claim 100% of their food or beverage expenses paid to restaurants as long as the business owner (or an employee of the business) is present when food or beverages are provided, and the...

There’s Still Time To Make an IRA Contribution for 2021

by TaxGenuity Tax Experts | Mar 16, 2022 | Tax Advice

If you haven’t contributed funds to an Individual Retirement Account (IRA) for tax year 2021, or if you’ve 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, 2022,...