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

Important Information About Economic Impact Letters

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

The IRS began issuing Letter 6475, Your Third Economic Impact Payment, to EIP recipients in late January. This letter helps Economic Impact Payment recipients determine if they are entitled to and should claim the recovery rebate credit on their 2021 tax returns when...

Non-Profits: Electronic Filing of Form 1024

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

Starting January 3, 2022, nonprofit organizations applying for recognition of exemption must submit Form 1024, Application for Recognition of Exemption Under Section 501(a) or Section 521 of the Internal Revenue Code, electronically online at Pay.gov. Form 1024, which...

What is IRS Letter 6419?

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

Taxpayers should have started receiving IRS Letter 6419, 2021 advance CTC, in January. The advance child tax credit payments letter helps taxpayers get the remainder of their 2021 tax credit. It includes the total amount of advance child tax credit payments taxpayers...

Tax Breaks for Older Adults and Retirees

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

Everyone wants to save money on their taxes, and retirees and older adults are no exception. If you’re 50 or older, here are six tax tips that could help you do just that. 1. Standard Deduction for Seniors If you and your spouse are 65 years old or older and you...

Tax Rules for Divorce and Alimony Payments

by TaxGenuity Tax Experts | Feb 11, 2022 | Tax Advice

Divorce is a painful reality for many people, both emotionally and financially. Quite often, the last thing on anyone’s mind is the effect a divorce or separation will have on their tax situation. To make matters worse, most court decisions do not consider the...

Working Remotely Could Affect Your Taxes

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

When COVID-19 struck, many employers quickly switched to a work-from-home model for their employees. Many of them began working in a state other than where their office was located. While some workers have returned to their offices, as the pandemic drags on, more...

Important Tax Changes for Individuals and Businesses

by TaxGenuity Tax Experts | Feb 8, 2022 | Tax Advice

Every year, it’s a sure bet that there will be changes to current tax law, and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here’s a checklist of tax changes to help you plan the year ahead....