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

Don’t Get Carried Away by a Windfall

by TaxGenuity Tax Experts | Oct 14, 2023 | Tax Advice

Receiving a sudden and sizable influx of cash may seem like a dream come true. It can be, but many people get carried away and end up in worse financial shape. If you’re hit with a financial windfall, here are some points you should know. Risky Conditions You...

Moving Out of State? Learn All the Tax Implications First

by TaxGenuity Tax Experts | Oct 9, 2023 | Tax Advice

With so many people working remotely these days, thinking about moving to another state has become common — perhaps for better weather or to be closer to family. Business owners might contemplate selling their business as part of an out-of-state move. Many retirees...

An “Innocent Spouse” May Be Able to Escape Tax Liability

by TaxGenuity Tax Experts | Oct 6, 2023 | Tax Advice

When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. That means the IRS can pursue either spouse to collect the entire tax, not just the part that’s attributed to one...

The Ins and Outs of the Home Office Deduction

by TaxGenuity Tax Experts | Oct 4, 2023 | Tax Advice

The pandemic changed the landscape of work for a lot of people, including the numerous business owners who began running their businesses from their homes. Many are still working from their home offices, whether full-time or on a hybrid basis. If you’re...

Tax Season Is Long Over, but Tax Scams Are Thriving

by TaxGenuity Tax Experts | Sep 30, 2023 | Tax Advice

The IRS is warning taxpayers about emails and text messages that promise refunds and credits, but that actually result in identity theft. Many current schemes involve the third Economic Impact Payment (originally made in 2021). Messages may also reference the Employee...

What Certain IRS Notices Mean

by TaxGenuity Tax Experts | Sep 26, 2023 | Tax Advice

What does it mean if a business receives a Notice CP2100 or CP2100A from the IRS? These notices tell recipients that the Form 1099 information returns they’ve submitted contain missing or incorrect Taxpayer Identification Numbers, names or both. To respond,...

IRS Provides Guidance on SECURE 2.0 Catch-Up Contribution Changes

by TaxGenuity Tax Experts | Sep 22, 2023 | Tax Advice

In Notice 2023-62, the IRS addressed a technical error in the SECURE 2.0 Act that wouldn’t have allowed catch-up contributions to 401(k)s and similar plans after 2023. Generally, taxpayers who’re age 50 or older are allowed to make additional “catch-up” contributions...