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

Shared Custody and Advance Child Tax Credit Payments

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

Parents who share custody of their children may be confused about how the advance child tax credit payments are distributed. As such, the first step is to remember that these are advance payments of a tax credit that taxpayers expect to claim on their 2021 tax return....

IRS Charges Fee for Estate Closing Letters

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

Starting October 28, a new $67 user fee will apply to any estate that requests an estate tax closing letter for its federal estate tax return. This closing letter is formally referred to as IRS Letter 627. Background By law, federal agencies are required to charge a...

Individual Taxpayers: Year-end Tax Planning Strategies

by TaxGenuity Tax Experts | Nov 2, 2021 | Tax Advice

With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies that could reduce your tax bill for 2021. General Tax Planning Strategies General tax planning strategies for individuals include accelerating or deferring...

Reporting Gambling Income and Losses

by TaxGenuity Tax Experts | Oct 31, 2021 | Tax Advice

If you aren’t in the trade or business of gambling, you should be aware that gambling winnings are fully taxable and must be reported as income on your tax return. Gambling income includes but isn’t limited to winnings from lotteries, raffles, horse races,...

E-Signatures Extended for Many Tax Forms

by TaxGenuity Tax Experts | Oct 29, 2021 | Tax Advice

To help reduce the burden to taxpayers brought about by the coronavirus pandemic, the use of electronic or digital signatures on certain paper forms they normally cannot file electronically have been extended through December 31, 2021. Let’s take a look at what this...

IRAs: Terms to Know

by TaxGenuity Tax Experts | Oct 25, 2021 | Tax Advice

IRAs, or Individual Retirement Arrangements, provide tax incentives for people to make investments that can provide financial security for their retirement. To help people better understand this type of retirement savings account, here’s a basic overview of...

Closing Your Business: A Tax Checklist

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

Many small businesses have closed due to COVID-19. If yours is one of them, you should be aware that there is more to closing a business than laying off employees, selling office furniture, and closing the doors – you must also take certain actions as required...