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

Watch Out for Gift Card Scams

by TaxGenuity Tax Experts | Feb 6, 2020 | Tax Advice

There’s never an off-season when it comes to scammers and thieves who want to trick people to scam them out of money, steal their personal information, or talk them into engaging in questionable behavior with their taxes. While scam attempts typically peak...

Tax Filing Season Begins

by TaxGenuity Tax Experts | Feb 5, 2020 | Tax Advice

January 27, 2020, marked the start of this year’s tax filing season. Complicating matters is a newly revised Form 1040, U.S. Individual Income Tax Return. With more than 150 million individual tax returns expected to be filed for the 2019 tax year, here’s...

Got Debt? Tips to Improve Your Financial Situation

by TaxGenuity Tax Experts | Jan 30, 2020 | Tax Advice

If you are having trouble paying your debts, it is important to take action sooner rather than later. Doing nothing leads to much larger problems in the future, whether it’s a bad credit record or bankruptcy resulting in the loss of assets and even your home. If...

Tax Breaks for Taxpayers Who Itemize

by TaxGenuity Tax Experts | Jan 27, 2020 | Tax Advice

Many taxpayers opt for the standard deduction because it is easier, but sometimes itemizing your deductions is the better choice – often resulting in a lower tax bill. Whether you bought a house, refinanced your current home, or had extensive gambling losses,...

Tax Planning Includes Keeping Good Records

by TaxGenuity Tax Experts | Jan 21, 2020 | Tax Advice

It’s January and tax season is right around the corner. For many people that means scrambling to collect receipts, mileage logs, and other tax-related documents needed to prepare their tax returns. If this describes you, chances are, you’re wishing...

Opportunity Zone Guidance Finalized

by TaxGenuity Tax Experts | Jan 18, 2020 | Tax Advice

Final regulations were recently issued regarding details about investment in qualified opportunity zones (QOZ) that modified and finalized proposed regulations for QOFs and QOZ businesses that were previously issued on October 28, 2018, and May 1, 2019. The final...

Reminder: Use Correct Forms to Pay Employment Taxes

by TaxGenuity Tax Experts | Jan 15, 2020 | Tax Advice

Small business owners are reminded to review the rules for filing two commonly-used employment tax returns: Form 944, Employer’s Annual Federal Tax Return and Form 941, Employer’s Quarterly Federal Tax Return. A small business files one or the other; these...