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

Recovery Rebate Credit May Be Different Than Expected

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

Some taxpayers who claim the 2020 Recovery Rebate Credit (RRC) on their 2020 tax returns are discovering that they may be getting a different amount than they expected. Let’s take a closer look at why this is happening. The first and second Economic Impact...

Refunds for Nontaxable Unemployment Compensation

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

The IRS is automatically refunding money to eligible people who filed their tax returns reporting unemployment compensation before the recent changes made by the American Rescue Plan. Background Typically, when an individual receives unemployment compensation, it is...

File on Time – Even if You Can’t Pay

by TaxGenuity Tax Experts | May 21, 2021 | Tax Advice

Generally, taxpayers should file their tax returns by the deadline even if they cannot pay the full amount due, but if you can’t, there are several options. Let’s take a look at a few scenarios: 1. An individual taxpayer owes taxes, but can’t pay in...

Deducting Business-Related Car Expenses

by TaxGenuity Tax Experts | May 18, 2021 | Tax Advice

If you’re self-employed and use your car for business, you can deduct certain business-related car expenses. There are two options for claiming deductions: Actual Expenses. To use the actual expense method, you need to figure out the actual costs of operating...

Saving for Education: Understanding 529 Plans

by TaxGenuity Tax Experts | May 12, 2021 | Tax Advice

Many parents are looking for ways to save for their child’s education, and a 529 Plan is an excellent way to do so. Even better is that thanks to the passage of tax reform legislation in 2017, 529 plans are now available to parents wishing to save for their...

Tax Withholding for Seasonal and Part-Time Employees

by TaxGenuity Tax Experts | May 9, 2021 | Tax Advice

Many businesses hire part-time or full-time workers, especially in the summer. The IRS classifies these employees as seasonal workers, defined as an employee who performs labor or services on a seasonal basis (i.e., six months or less). Examples of this kind of work...

Common Errors To Avoid When Filing a Tax Return

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

While not all mistakes on tax returns cause delays in refunds, some do. As the May 17 deadline approaches, it pays to steer clear of the ten tax return errors listed below. 1. Not using electronic filing. While this isn’t necessarily a mistake per se, electronic...