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

Reminder: Social Security Benefits May Be Taxable

by TaxGenuity Tax Experts | Mar 13, 2022 | 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...

Small Business Financing: Securing a Loan

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

At some point, most small business owners will visit a bank or other lending institution to borrow money. Understanding what your bank wants and how to approach them properly can mean the difference between getting a loan for expansion or scrambling to find cash from...

What To Know About the Gig Economy and Your Taxes

by TaxGenuity Tax Experts | Mar 7, 2022 | Tax Advice

The gig economy, also called sharing or access economy, is defined by activities where taxpayers earn income providing on-demand work, services, or goods. This type of work is often carried out via digital platforms such as an app or website. There are many types of...

Tax Breaks for Taxpayers Who Itemize

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

Many taxpayers opt for the standard deduction, but sometimes itemizing your deductions is the better choice – often resulting in a lower tax bill. Whether you bought a house, refinanced your current home, or had extensive gambling losses, you may be able to take...

Filing a Tax Return: Avoid These Common Errors

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

While not all mistakes on tax returns cause delays in refunds, as the April 18 deadline approaches, taxpayers are advised to steer clear of the common tax return errors listed below to ensure a timely refund. Not Using Electronic Filing While this isn’t...

Eight Facts About the Adoption Credit

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

Taxpayers who adopted or started the adoption process in 2021 may qualify for the adoption credit. This credit can be applied to international, domestic private, and public foster care adoption; however, taxpayers who adopt their spouse’s child cannot claim this...

Standard vs. Itemized Deductions

by TaxGenuity Tax Experts | Feb 25, 2022 | 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...