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

Unemployment Benefits Identity Theft Scam Alert

by TaxGenuity Tax Experts | Mar 26, 2021 | Tax Advice

During 2020, millions of taxpayers were impacted by the COVID-19 pandemic through job loss or reduced work hours. Some taxpayers who faced unemployment or reduced work hours applied for and received unemployment compensation from their state. As a reminder,...

Claiming the Credit for Other Dependents

by TaxGenuity Tax Experts | Mar 23, 2021 | Tax Advice

Taxpayers with dependents who don’t qualify for the child tax credit may be able to claim the credit for other dependents. The maximum credit amount is $500. To take the credit, your dependent must meet certain conditions. For example, the dependent you are...

Special Tax Rules for Children With Investment Income

by TaxGenuity Tax Experts | Mar 20, 2021 | Tax Advice

Special tax rules may apply to some children who receive investment income. The rules may affect the amount of tax and how to report the income. Here are five important points to keep in mind if your child has investment income this year: 1. Investment...

Tax Credits for Electric Vehicles and Plug-in Hybrids

by TaxGenuity Tax Experts | Mar 17, 2021 | Tax Advice

Tax credits are still available for Qualified Plug-in Electric Drive Motor Vehicles, including passenger vehicles and light trucks. The credit applies to vehicles acquired after 12/31/2009 and is limited to $7,500. State and/or local incentives may also apply. The...

Capital Gains Tax on Sale of Stocks

by TaxGenuity Tax Experts | Mar 14, 2021 | Tax Advice

Apps like Robinhood make it easy for everyone to play the stock market. If you’re a retail investor who made money last year buying and selling stocks, you may owe capital gains tax when you file your tax return this year. If you lost money, you may be able to...

Small Business Tax Roundup

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

Tax changes due to recent legislation such as the Tax Cuts and Jobs Act and the CARES Act affect both individual taxpayers and small businesses. In 2020, the IRS issued several guidance documents and final rules and regulations that clarified several tax provisions...

Avoiding an IRS Tax Audit

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

Just 0.45 percent of taxpayers were audited in fiscal year 2019. Still, with taxes becoming more complicated every year, there is an even greater possibility of confusion turning into a tax mistake and an IRS audit. Avoiding “red flags” like the ones...