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

Eight Facts About the Adoption Credit

by TaxGenuity Tax Experts | Feb 28, 2022 | Tax Advice

Taxpayers who adopted or started the adoption process in 2021 may qualify for the adoption credit. This credit can be applied to international, domestic private, and public foster care adoption; however, taxpayers who adopt their spouse’s child cannot claim this...

Standard vs. Itemized Deductions

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

When completing a tax return, taxpayers have two options: take the standard deduction or itemize their deductions. Most taxpayers use the option that gives them the lowest overall tax. Due to all the tax law changes in recent years, including increases to the standard...

Important Information About Economic Impact Letters

by TaxGenuity Tax Experts | Feb 22, 2022 | Tax Advice

The IRS began issuing Letter 6475, Your Third Economic Impact Payment, to EIP recipients in late January. This letter helps Economic Impact Payment recipients determine if they are entitled to and should claim the recovery rebate credit on their 2021 tax returns when...

Non-Profits: Electronic Filing of Form 1024

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

Starting January 3, 2022, nonprofit organizations applying for recognition of exemption must submit Form 1024, Application for Recognition of Exemption Under Section 501(a) or Section 521 of the Internal Revenue Code, electronically online at Pay.gov. Form 1024, which...

What is IRS Letter 6419?

by TaxGenuity Tax Experts | Feb 16, 2022 | Tax Advice

Taxpayers should have started receiving IRS Letter 6419, 2021 advance CTC, in January. The advance child tax credit payments letter helps taxpayers get the remainder of their 2021 tax credit. It includes the total amount of advance child tax credit payments taxpayers...

Tax Breaks for Older Adults and Retirees

by TaxGenuity Tax Experts | Feb 13, 2022 | Tax Advice

Everyone wants to save money on their taxes, and retirees and older adults are no exception. If you’re 50 or older, here are six tax tips that could help you do just that. 1. Standard Deduction for Seniors If you and your spouse are 65 years old or older and you...

Tax Rules for Divorce and Alimony Payments

by TaxGenuity Tax Experts | Feb 11, 2022 | Tax Advice

Divorce is a painful reality for many people, both emotionally and financially. Quite often, the last thing on anyone’s mind is the effect a divorce or separation will have on their tax situation. To make matters worse, most court decisions do not consider the...