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

Closing Your Business: A Tax Checklist

by TaxGenuity Tax Experts | Jul 29, 2020 | Tax Advice

More than 100,000 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...

Reporting Farm Income and Expenses

by TaxGenuity Tax Experts | Jul 26, 2020 | Tax Advice

Farms include plantations, ranches, ranges and orchards and farmers may raise livestock, poultry or fish, or grow fruits or vegetables. If you’re in the farming business or are thinking about it, here are ten things you should know about farm income and...

Retirement Accounts: Rollover Relief for RMDs

by TaxGenuity Tax Experts | Jul 23, 2020 | Tax Advice

Generally, taxpayers must begin taking a required minimum distribution (RMD) from a defined-contribution retirement plan, including a 401(k) or 403(b) plan, or an IRA when they reach age 72 (70 1/2 if they reached 70 ½ before January 1, 2020). The RMD for any year is...

Employee Retention Credit Deadline July 31

by TaxGenuity Tax Experts | Jul 20, 2020 | Tax Advice

As a reminder, employers whose business has been financially impacted by COVID-19 can take advantage of the Employee Retention Credit, a refundable tax credit designed to encourage businesses to keep employees on their payroll. The credit is worth 50 percent of up to...

Tax Tips for Students With a Summer Job

by TaxGenuity Tax Experts | Jul 17, 2020 | Tax Advice

Whether the goal is to gain experience or earn some spending money or help pay for college, summer is the prime job season for teens and college students. This year, however, with the coronavirus pandemic, the job situation has not been as easy, not to mention it is...

Q & A: Returning an Economic Impact Payment

by TaxGenuity Tax Experts | Jul 14, 2020 | Tax Advice

According to the Treasury Department, more than 159 million individuals have already received their Economic Impact Payments; however, a recent audit found that the IRS sent $1.4 billion in stimulus checks to deceased individuals. As such, many people may have...

Here’s How to Pay If You Owe Money to the IRS

by TaxGenuity Tax Experts | Jul 11, 2020 | Tax Advice

With the federal tax deadline just weeks away, taxpayers who owe money (including those who may owe estimated and other business taxes) should know about these six options for quick and easy electronic payments: Taxpayers who owe a 2019 income tax liability, as well...