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

Advance Child Tax Credit Payments Start This Month

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

The Internal Revenue Service has started sending letters to more than 36 million American families who, based on tax returns filed with the agency, may be eligible to receive monthly Child Tax Credit payments starting July 15, 2021. Here’s what families need to...

Tips for Students with a Summer Job

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

If your child is a student with a summer job, your child’s income over the summer is considered taxable income. Here’s what they should know: Form W-4. When anyone gets a new job, they need to fill out a Form W-4, Employee’s Withholding Allowance...

What is an Economic Impact Notice?

by TaxGenuity Tax Experts | Jun 25, 2021 | Tax Advice

After a taxpayer has been issued an Economic Impact Payment, the IRS is required to mail an Economic Impact Notice to the recipient at their last known address. This notice provides information about the amount of the Economic Impact Payment, how it was made, and how...

HSA Limits Increase for 2022

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

Contributions to a Health Savings Account (HSA) are used to pay current or future medical expenses of the account owner, his or her spouse, and any qualified dependent and are adjusted annually for inflation. For 2022, the annual inflation-adjusted contribution limit...

Payment for Refundable Child Tax Credit Starts July 15

by TaxGenuity Tax Experts | Jun 19, 2021 | Tax Advice

The first monthly payment of the expanded and newly-advanceable Child Tax Credit (CTC) from the American Rescue Plan will be made on July 15. Roughly 39 million households – nearly 90 percent of children in the United States – are slated to begin receiving...

Tips to Help You Figure Out if Your Gift is Taxable

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

If you’ve given money or property to someone as a gift, you may owe federal gift tax, but in many cases, you will not. For example, there is usually no tax if you make a gift to your spouse or a charity. If you make a gift to someone else, the gift tax usually...

Changing Jobs? Don’t Forget About Your 401(k)

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

One of the most important questions you face when changing job is what to do with the money in your 401(k) because making the wrong move could cost you thousands of dollars or more in taxes and lower returns. Let’s say you put in five years at your current job....