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

What’s New for 2020 Tax Returns

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

As always, taxpayers should be aware of several key items involving credits, deductions, and refunds when filing their tax returns. Let’s take a look: 1. Recovery Rebate Credit/Economic Impact Payment. In January, the Treasury Department and the IRS began...

Tax Filing Season Starts February 12

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

Although tax season usually starts in late January, this year, the tax filing season is delayed until February 12, 2021. The delayed start date for individual tax return filers allowed the IRS time to do additional programming and testing of IRS systems following the...

Protecting Business Taxpayers From Identity Theft

by TaxGenuity Tax Experts | Feb 4, 2021 | Tax Advice

Starting December 13, 2020, the IRS began masking sensitive data on business tax transcripts. Previously, only sensitive data on individual tax transcripts was masked. Here’s what you need to know about this new initiative to protect business taxpayers from...

Understanding the Excise Tax

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

An excise tax is a tax that is generally imposed on the sale of specific goods or services, or on certain uses. Examples of things a federal excise tax is usually imposed on include the sale of fuel, airline tickets, heavy trucks and highway tractors, indoor tanning,...

Standard Mileage Rates for 2021

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

Starting January 1, 2021, the standard mileage rates for the use of a car, van, pickup, or panel truck are as follows: 56 cents per mile driven for business use, down 1.5 cents from the rate for 2020 16 cents per mile driven for medical or moving purposes for...

Employee Business Expense Deductions: Who Qualifies?

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

Prior to tax reform, an employee was able to deduct unreimbursed job expenses, along with certain other miscellaneous expenses, that was more than two percent of adjusted gross income (AGI) as long as they itemized instead of taking the standard deduction. Starting in...

COVID-related Tax Relief Act of 2020

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

The Consolidated Appropriations Act, 2021, H.R. 133 included funding for the government, extensions for expiring tax extenders, COVID tax relief under the COVID-related Tax Relief Act of 2020, and many more items. Passed by both the House and Senate, it was signed...