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

PPP Loan Deadline Extended Through May 31

by TaxGenuity Tax Experts | Apr 15, 2021 | Tax Advice

The Paycheck Protection Program Extension Act of 2021was signed into law on March 31, 2021, extending the deadline to apply for a loan by an extra 60 days, from March 31 to May 31, 2021. The law also gives the Small Business Administration (SBA) an additional 30 days...

Q & A: the $10,200 Unemployment Tax Break

by TaxGenuity Tax Experts | Apr 12, 2021 | Tax Advice

Generally, unemployment compensation received under the unemployment compensation laws of the United States or of a state is considered taxable income and must be reported on your federal tax return. However, a new tax break – in effect only for the 2020 tax...

Economic Impact Payments: Round Three

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

On March 12, following the approval and signing of the American Rescue Plan Act, the first batch of $1,400 stimulus payments – part of the third round of Economic Impact Payments – were sent out by the IRS. While most payments were sent out via direct...

Highlights of the American Rescue Plan Act

by TaxGenuity Tax Experts | Apr 6, 2021 | Tax Advice

Signed into law on March 11, 2021, the American Rescue Plan Act (ARPA) contains a number of tax provisions affecting individuals and families. Let’s take a look: Economic Impact Payments (EIP3). A third round of economic impact payments (EIP3) will be sent to...

Federal Tax Deadline Extended to May 17

by TaxGenuity Tax Experts | Apr 3, 2021 | Tax Advice

The federal income tax filing due date for individual taxpayers, including individuals who pay self-employment tax, has been extended to Monday, May 17, 2021 for the 2020 tax year. There is no need to file any forms to qualify for this automatic federal tax filing and...

Social Security Benefits and Taxes: The Facts

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

Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable. Generally, you pay federal income taxes on your Social Security benefits only if you have...

There’s Still Time To Make an IRA Contribution for 2020

by TaxGenuity Tax Experts | Mar 29, 2021 | Tax Advice

If you haven’t contributed funds to an Individual Retirement Account (IRA) for tax year 2020, or if you’ve put in less than the maximum allowed, you still have time to do so. You can contribute to either a traditional or Roth IRA until the April 15, 2021,...