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

Tax Withholding for Seasonal and Part-Time Employees

by TaxGenuity Tax Experts | May 9, 2021 | Tax Advice

Many businesses hire part-time or full-time workers, especially in the summer. The IRS classifies these employees as seasonal workers, defined as an employee who performs labor or services on a seasonal basis (i.e., six months or less). Examples of this kind of work...

Common Errors To Avoid When Filing a Tax Return

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

While not all mistakes on tax returns cause delays in refunds, some do. As the May 17 deadline approaches, it pays to steer clear of the ten tax return errors listed below. 1. Not using electronic filing. While this isn’t necessarily a mistake per se, electronic...

Tax Return Tips for Last-Minute Filers

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

When it comes to working on your taxes, earlier is better, but many people find preparing their tax return to be stressful and frustrating and wait until the last minute. Complicating matters this year is tax reform and the newly redesigned Form 1040. If you’ve...

Donating a Car to Charity as a Tax Write-off

by TaxGenuity Tax Experts | Apr 30, 2021 | Tax Advice

If you donate a car to a qualified charitable organization and intend to claim a deduction, you should be aware of the special rules that apply to vehicle donations. Charities typically sell donated vehicles. If the vehicle is sold by the charitable organization you...

Personal Protective Equipment Qualifies for Deduction

by TaxGenuity Tax Experts | Apr 27, 2021 | Tax Advice

As a quick reminder, the purchase of personal protective equipment, such as masks, hand sanitizer and sanitizing wipes, for the primary purpose of preventing the spread of coronavirus are deductible medical expenses. The amounts paid for personal protective equipment...

Coronavirus-related Distributions and Loans

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

The Coronavirus, Aid, Relief and Economic Security (CARES) Act made it easier to access savings in IRAs and workplace retirement plans for those affected by the coronavirus. This relief provided favorable tax treatment for certain withdrawals from retirement plans and...

Include Gig Economy Income on Tax Returns

by TaxGenuity Tax Experts | Apr 18, 2021 | Tax Advice

The gig economy is also referred to as the on-demand, sharing or access economy. People involved in the gig economy earn income as a freelancer, independent worker or employee. Typically, an online platform is used to connect people with potential or actual customers...