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

Repaying Deferred Social Security Tax

by TaxGenuity Tax Experts | Aug 26, 2021 | Tax Advice

The Coronavirus Aid, Relief, and Economic Security Act allowed self-employed individuals and household employers to defer the payment of certain Social Security taxes on their Form 1040 for tax year 2020 over the next two years. Half of the deferred Social Security...

Choosing a Payroll Service Provider

by TaxGenuity Tax Experts | Aug 23, 2021 | Tax Advice

When choosing a payroll service provider to handle payroll and payroll tax, employers need to make sure they choose a trusted payroll service that can help them avoid missed deposits for employment taxes and other unpaid bills. Typically, these clients remain legally...

A Tax Checklist for Newly Married Couples

by TaxGenuity Tax Experts | Aug 20, 2021 | Tax Advice

Summer is wedding season – even during a pandemic – and newlyweds should understand how tying the knot can affect their tax situation. Marriage changes many things, and taxes is one of them. Here’s a tax checklist for newly married couples: 1. Name...

Start Planning Now for Next Year’s Tax Return

by TaxGenuity Tax Experts | Aug 17, 2021 | Tax Advice

This year’s tax deadline may have come and gone, but it’s never too early to start planning for next year. With that in mind, here are five things you can do now to make next April 15 easier for everyone. 1. Review your paycheck. Make sure your employer is...

Retirement Plan Options for Small Businesses

by TaxGenuity Tax Experts | Aug 14, 2021 | Tax Advice

According to the US Small Business Administration, small businesses employ half of all private-sector employees in the United States. However, a majority of small businesses do not offer their workers retirement savings benefits. If you’re like many other small...

Which Educator Expenses Are Tax Deductible?

by TaxGenuity Tax Experts | Aug 11, 2021 | Tax Advice

Teachers and other educators should remember that they can deduct certain unreimbursed expenses such as classroom supplies, training, and travel – even when schools switched to hybrid or remote learning models during the pandemic last spring. Deducting these...

Minimizing Capital Gains Tax on Sale of a Home

by TaxGenuity Tax Experts | Aug 8, 2021 | Tax Advice

If you’re looking to sell your home this year, then it may be time to take a closer look at the exclusion rules and cost basis of your home to reduce your taxable gain on the sale of a home. The IRS home sale exclusion rule allows an exclusion of gain up to...