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

Which Educator Expenses Are Tax Deductible?

by TaxGenuity Tax Experts | Aug 11, 2021 | Tax Advice

Teachers and other educators should remember that they can deduct certain unreimbursed expenses such as classroom supplies, training, and travel – even when schools switched to hybrid or remote learning models during the pandemic last spring. Deducting these...

Minimizing Capital Gains Tax on Sale of a Home

by TaxGenuity Tax Experts | Aug 8, 2021 | Tax Advice

If you’re looking to sell your home this year, then it may be time to take a closer look at the exclusion rules and cost basis of your home to reduce your taxable gain on the sale of a home. The IRS home sale exclusion rule allows an exclusion of gain up to...

Opting Out of the Monthly Child Tax Credit Payment

by TaxGenuity Tax Experts | Aug 5, 2021 | Tax Advice

Thanks to the advance payments of the Child Tax Credit, approximately 60 million children received $15 billion in July, according to the Department of Treasury and the IRS. While many of these families will benefit from the extra money deposited into their bank...

Key Tax Changes Could Affect Your Tax Situation in 2021

by TaxGenuity Tax Experts | Aug 2, 2021 | Tax Advice

Key tax provisions in the American Rescue Plan Act of 2021 could affect your tax situation. Here’s what you need to know: Child and Dependent Care Credit Increased for 2021 Only The new tax law affected taxpayers in several ways. First, it increased the dollar...

It’s Hurricane Season: Safeguarding Tax Records

by TaxGenuity Tax Experts | Jul 31, 2021 | Tax Advice

With hurricane season in full swing, now is a good time to create or review emergency preparedness plans for surviving natural disasters, which include more than just hurricanes. For example, in the last year, the Federal Emergency Management Agency (FEMA) declared...

Selling a House Could Affect Your Taxes

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

If you are thinking about selling – or have already sold – your house this year, it’s important to understand how selling a home may affect tax returns. Let’s take a look at a few key points homeowners should consider when selling a home:...

Six Steps to Protect Against Taxpayer ID Theft

by TaxGenuity Tax Experts | Jul 24, 2021 | Tax Advice

Tax-related identity theft occurs when someone uses a taxpayer’s stolen personal information, such as a Social Security number, to file a tax return claiming a false refund. Thieves are actively working to steal taxpayer information and identities, and everyone...