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

What To Know About Tax-related Identity Theft

by TaxGenuity Tax Experts | May 29, 2022 | Tax Advice

Tax-related identity theft occurs when someone uses a taxpayer’s stolen SSN to file a tax return claiming a fraudulent refund. In the vast majority of tax-related identity theft cases, the IRS identifies a suspicious tax return and pulls the suspicious return...

Special Tax Benefits for Members of the Military

by TaxGenuity Tax Experts | May 27, 2022 | Tax Advice

Military personnel and their families face unique life challenges with their duties, expenses, and transitions. As such, military members may qualify for tax benefits not available to civilians. For example, they don’t have to pay taxes on some types of income....

Choosing the Correct Business Entity

by TaxGenuity Tax Experts | May 25, 2022 | Tax Advice

One of the most important decisions you’ll make when starting a business is choosing the right business entity. It’s a decision that impacts many things–from the amount of taxes you pay to how much paperwork you have to deal with and what type of...

Estimated Tax Payments: The Facts

by TaxGenuity Tax Experts | May 23, 2022 | Tax Advice

Estimated tax is the method used to pay tax on income that is not subject to withholding, including income from self-employment, interest, dividends, alimony, rent, and gains from the sale of assets, prizes, and awards. You also may have to pay estimated tax if the...

What To Do if You Missed the April Tax Deadline

by TaxGenuity Tax Experts | May 21, 2022 | Tax Advice

Monday, April 18, 2022, was the tax deadline for most taxpayers to file their tax returns, but if you haven’t filed a 2021 tax return yet, it’s not too late. Here’s what you need to do: First, gather any information related to income and deductions...

Taxpayer Rights: Pay No More Than the Correct Amount

by TaxGenuity Tax Experts | May 19, 2022 | Tax Advice

As a reminder, taxpayers have the right to pay only the amount of tax legally due, including interest and penalties. They also have the right to have the IRS apply all tax payments properly. This is one of 10 fundamental rights known collectively as the Taxpayer Bill...

Small Business: Rent Expenses May Be Tax-deductible

by TaxGenuity Tax Experts | May 17, 2022 | Tax Advice

If you’re a small business owner who is just starting out, you may not realize that some rent expenses may be deductible on your tax return. Here are some things small business owners should keep in mind when it comes to deducting rental expenses: How Rent is...