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

What Is the Net Investment Income Tax?

by TaxGenuity Tax Experts | Jul 13, 2021 | Tax Advice

While the Net Investment Income Tax (NIIT) tends to affect wealthier individuals most often, in certain circumstances, it can also affect moderate-income taxpayers whose income increases significantly in a given tax year. Here’s what you need to know. What is...

Expat Compliance With US Tax Filing Obligations

by TaxGenuity Tax Experts | Jul 7, 2021 | Tax Advice

Taxpayers who relinquish citizenship without complying with their U.S. tax obligations are subject to the significant tax consequences of the U.S. expatriation tax regime. If you’re an expat who has relinquished – or intends to relinquish – your U.S....

Employee Relocation: What Happens to Your Home?

by TaxGenuity Tax Experts | Jul 5, 2021 | Tax Advice

Business owners, as well as employees, often have questions about what to do with an employee’s home – and what the tax consequences might be – when he or she is moved to a new job location. Here are some answers. Employees Most employers want to...

What are Estimated Tax Payments?

by TaxGenuity Tax Experts | Jul 3, 2021 | Tax Advice

Estimated tax is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, alimony, and rent and gains from the sale of assets, prizes, and awards. You also may have to pay an estimated tax...

Small Business: Understanding Payroll Expenses

by TaxGenuity Tax Experts | Jul 1, 2021 | Tax Advice

Federal law requires most employers to withhold federal taxes from their employees’ wages. Whether you’re a small business owner who’s just starting out or one who has been in business a while and is ready to hire an employee or two, here are five...

Advance Child Tax Credit Payments Start This Month

by TaxGenuity Tax Experts | Jul 1, 2021 | Tax Advice

The Internal Revenue Service has started sending letters to more than 36 million American families who, based on tax returns filed with the agency, may be eligible to receive monthly Child Tax Credit payments starting July 15, 2021. Here’s what families need to...

Tips for Students with a Summer Job

by TaxGenuity Tax Experts | Jun 28, 2021 | Tax Advice

If your child is a student with a summer job, your child’s income over the summer is considered taxable income. Here’s what they should know: Form W-4. When anyone gets a new job, they need to fill out a Form W-4, Employee’s Withholding Allowance...