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

Who Qualifies for the Earned Income Credit

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

The earned income tax credit can give qualifying workers with low-to-moderate income a substantial financial boost. The credit not only reduces the amount of tax someone owes but may give them a refund even if they don’t owe any taxes or aren’t required to...

New Year, New Withholding?

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

Whether you are starting a new job or reassessing your financial situation, a new year often means a fresh start. Why not get the new tax year off to a good start as well? One way people can do this is by checking their federal income tax withholding using the Tax...

Five Tax Tips for Older Americans

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

Everyone wants to save money on their taxes, and older Americans are no exception. If you’re age 50 or older, here are five tax tips that could help you do just that. 1. Standard Deduction for Seniors. If you and/or your spouse are 65 years old or older and do...

Relief for Taxpayers Struggling With Tax Debts

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

While there have always been payment options available from the IRS to help taxpayers struggling to pay tax debts, the new IRS Taxpayer Relief Initiative was put into place to expand these options and offer relief during the pandemic. These revised COVID-related...

Do You Need To File a 2020 Tax Return?

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

Most people file a tax return because they have to, but even if you don’t, there are times when you should – because you might be eligible for a tax refund and not know it. The tax tips below should help you determine whether you’re one of them....

Taxable vs. Nontaxable Income

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

Are you wondering if there’s a hard and fast rule about what income is taxable and what income is not taxable? The quick answer is that all income is taxable unless the law specifically excludes it. But as you might have guessed, there’s more to it than...

Employer Tax Credit Extended for Payroll Workers

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

The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted December 27, 2020, made several changes to employee retention tax credits. These tax credits were previously made available under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act)....