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

What Could Happen if You Don’t File a Required Tax Return?

by TaxGenuity Tax Experts | Aug 10, 2025 | Tax Advice

Taxpayers who are required to file a federal tax return but don’t may be in for a costly surprise. If the IRS receives a document like a Form W-2 indicating taxable income, it may file a Substitute for Return (SFR) on your behalf. Before doing so, the IRS typically...

The Tax Impact of Business Bartering

by TaxGenuity Tax Experts | Aug 9, 2025 | Tax Advice

Bartering is simply the exchange of services or property, and it’s a taxable event. For example, if a computer consultant trades services with an advertising agency, each must report income equal to the fair market value of the services they received, typically the...

Reasons and Rules for Filing an Amended Return

by TaxGenuity Tax Experts | Aug 8, 2025 | Tax Advice

Once a tax return is filed, most people breathe a little easier. But it’s not uncommon to realize too late that something was left off a return, figures were misreported or some other error was made. Accuracy is essential, but, depending on the type of error, an...

Tax-Advantaged Savings Accounts That Benefit Those With Disabilities

by TaxGenuity Tax Experts | Aug 5, 2025 | Tax Advice

Eligible individuals with disabilities and their family members can use Achieving a Better Life Experience (ABLE) accounts to pay for qualified expenses. These are savings or investment accounts that don’t affect eligibility for government assistance programs....

Helping a Family Member Buy a Home

by TaxGenuity Tax Experts | Aug 4, 2025 | Tax Advice

Making a family loan isn’t the only way to assist a loved one with purchasing a home. If you aren’t concerned about being paid back, a straightforward option is gifting cash. In 2025, you can give up to $19,000 to anyone without federal gift tax consequences under the...

Your Return Is Filed! 3 Things to Keep in Mind Post-Filing

by TaxGenuity Tax Experts | Aug 2, 2025 | Tax Advice

Most people feel some relief after filing their income tax returns each year. But even if you’ve successfully filed your 2024 return, you may still have questions. Here are three common ones. 1. What’s the Status of Your Refund? You can learn the status of...

The High Cost of Worker Misclassification: Tax Implications and Risks

by TaxGenuity Tax Experts | Aug 1, 2025 | Tax Advice

The consequences of misclassifying an employee as an independent contractor can be costly. You could be liable for back taxes (including the employee’s shares of unpaid payroll and income taxes), penalties and interest. There may be serious nontax consequences as...