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

Special Tax Rules for Children With Investment Income

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

Special tax rules may apply to some children who receive investment income. The rules may affect the amount of tax and how to report the income. Here are five important points to keep in mind if your child has investment income this year: 1. Investment...

Tax Credits for Electric Vehicles and Plug-in Hybrids

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

Tax credits are still available for Qualified Plug-in Electric Drive Motor Vehicles, including passenger vehicles and light trucks. The credit applies to vehicles acquired after 12/31/2009 and is limited to $7,500. State and/or local incentives may also apply. The...

Capital Gains Tax on Sale of Stocks

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

Apps like Robinhood make it easy for everyone to play the stock market. If you’re a retail investor who made money last year buying and selling stocks, you may owe capital gains tax when you file your tax return this year. If you lost money, you may be able to...

Small Business Tax Roundup

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

Tax changes due to recent legislation such as the Tax Cuts and Jobs Act and the CARES Act affect both individual taxpayers and small businesses. In 2020, the IRS issued several guidance documents and final rules and regulations that clarified several tax provisions...

Avoiding an IRS Tax Audit

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

Just 0.45 percent of taxpayers were audited in fiscal year 2019. Still, with taxes becoming more complicated every year, there is an even greater possibility of confusion turning into a tax mistake and an IRS audit. Avoiding “red flags” like the ones...

Who Qualifies for the Earned Income Credit

by TaxGenuity Tax Experts | Feb 27, 2021 | Tax Advice

The earned income tax credit can give qualifying workers with low-to-moderate income a substantial financial boost. The credit not only reduces the amount of tax someone owes but may give them a refund even if they don’t owe any taxes or aren’t required to...

New Year, New Withholding?

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

Whether you are starting a new job or reassessing your financial situation, a new year often means a fresh start. Why not get the new tax year off to a good start as well? One way people can do this is by checking their federal income tax withholding using the Tax...