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

Gross Receipts Safe Harbor for Employers Claiming ERC

by TaxGenuity Tax Experts | Oct 1, 2021 | Tax Advice

Safe harbor is now available that allows employers to exclude certain items from their gross receipts solely for determining eligibility for the Employee Retention Credit (ERC). These amounts are: The amount of the forgiveness of a Paycheck Protection Program (PPP)...

Tax Planning: Facts About Credits and Deductions

by TaxGenuity Tax Experts | Sep 28, 2021 | Tax Advice

Tax credits and deductions can mean more money in a taxpayer’s pocket. Here are a few facts about credits and deductions that help taxpayers with their year-round tax planning: Taxable income is what’s left over after someone subtracts any eligible...

Extension Deadline Looming for 2020 Tax Returns

by TaxGenuity Tax Experts | Sep 22, 2021 | Tax Advice

Time is running short for taxpayers who requested an extra six months to file their 2020 tax return. As a reminder, Friday, October 15, 2021, is the extension deadline for most taxpayers. Taxpayers who owe tax – even those who did not request an extension – and...

Verifying Your Identity When Calling the IRS

by TaxGenuity Tax Experts | Sep 16, 2021 | Tax Advice

Sometimes, taxpayers need to call the IRS about a tax matter. If this is the case, they should know that IRS phone assistors take great care to only discuss personal information with the taxpayer or someone the taxpayer authorizes to speak on their behalf. As such,...

Six Things To Know Before You Start a Business

by TaxGenuity Tax Experts | Sep 13, 2021 | Tax Advice

Starting your own business is an exciting prospect, but there is more to it than simply writing a business plan. Understanding the tax responsibilities of starting a business venture can save taxpayers money and help set them up for success. That’s where a tax...

What Is a Designated Roth Account?

by TaxGenuity Tax Experts | Sep 10, 2021 | Tax Advice

Many 401(k) plans allow taxpayers to make Roth contributions as long as the plan has a designated Roth account. Your plan may also allow you to transfer amounts to the designated Roth account in the plan or borrow money. Check with your employer to find out if your...

How To Get an Identity Protection Pin

by TaxGenuity Tax Experts | Sep 7, 2021 | Tax Advice

An Identity Protection PIN is a six-digit number eligible taxpayers get to help prevent their Social Security number or Individual Taxpayer Identification Number from being used to file fraudulent federal income tax returns. This number helps the IRS verify a...