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

Is Your College Student’s Scholarship Taxable?

by TaxGenuity Tax Experts | Jul 13, 2023 | Tax Advice

May 1 is the traditional deadline for undergraduate students to commit to their college of choice, which means tuition payments are not far behind. If you are wondering if your child’s scholarships are taxable, here is what you should know. What Is a...

Verifying Your Identity When Calling the IRS

by TaxGenuity Tax Experts | Jul 10, 2023 | Tax Advice

Sometimes, taxpayers must call the IRS about a tax matter. As part of the IRS’s ongoing efforts to keep taxpayer data secure from identity thieves, IRS phone assistors take great care to discuss personal information with the taxpayer or someone the taxpayer has...

Tax Credits for Accommodating Disabled Workers

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

Businesses that make structural adaptations or other accommodations for employees or customers with disabilities may be eligible for tax credits and deductions. Here’s an overview of the tax incentives designed to encourage employers to hire qualified people...

What Teen Entrepreneurs Should Know About Taxes

by TaxGenuity Tax Experts | Jun 29, 2023 | Tax Advice

Teens and young adults often go into business for themselves over the summer or after school. This work can include babysitting, lawn mowing, dog walking, or other part-time or temporary work. When teens or young adults are employees of a business, their employer...

Tax Credits for Energy-Efficient Home Improvements

by TaxGenuity Tax Experts | Jun 28, 2023 | Tax Advice

Taxpayers making certain energy-efficient updates to their homes are reminded that they could qualify for home energy tax credits. The credit amounts and types of qualifying expenses were expanded by the Inflation Reduction Act of 2022. Taxpayers who make energy...

July 17 Deadline for Unclaimed 2019 Tax Refunds

by TaxGenuity Tax Experts | Jun 27, 2023 | Tax Advice

Nearly $1.5 billion in refunds remain unclaimed because some people haven’t filed their 2019 tax returns yet. Under the law, taxpayers usually have three years to file and claim their tax refunds. If they don’t file within three years, the money becomes...

HSA Limits Increase for 2024

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

Pre-tax or deductible contributions to a Health Savings Account (HSA) can be withdrawn tax-free to pay qualified current or future medical expenses of the account owner, his or her spouse, and any qualified dependent. Contribution limits are adjusted annually for...