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

Six Tips for Starting Your Own Business

by TaxGenuity Tax Experts | Oct 2, 2020 | Tax Advice

Starting your own business can be an exciting prospect, but there is more to it than simply writing a business plan. Also, if you expect to have employees, there are a variety of federal and state forms and applications that you need to complete to get your business...

What To Do If You Get a Letter From the IRS

by TaxGenuity Tax Experts | Sep 28, 2020 | Tax Advice

Each year, the IRS mails millions of notices and letters to taxpayers for a variety of reasons. If you receive correspondence from the IRS don’t panic. You can usually deal with a notice simply by responding to it. Most IRS notices are about federal tax returns...

E-Signatures Temporarily Allowed for Certain Forms

by TaxGenuity Tax Experts | Sep 25, 2020 | Tax Advice

The use of digital signatures on certain forms that cannot be filed electronically will now be allowed temporarily. Expanding the use of digital signatures will help to protect the health of taxpayers and tax professionals during the coronavirus pandemic by reducing...

Recordkeeping Tips for Individuals and Businesses

by TaxGenuity Tax Experts | Sep 22, 2020 | Tax Advice

The key to avoiding headaches at tax time is keeping track of your receipts and other records throughout the year. Whether you use an excel spreadsheet, an app, an online system or keep your receipts organized in a folding file organized by month, good record-keeping...

The Home Office Deduction

by TaxGenuity Tax Experts | Sep 19, 2020 | Tax Advice

With more people working from home than ever before, taxpayers may be wondering if they can claim a home office deduction when they file their 2020 tax return next year. The short answer is that self-employed taxpayers who use their home for business may be able to...

IRS Form 1040-X Now Available for E-Filing

by TaxGenuity Tax Experts | Sep 16, 2020 | Tax Advice

Form 1040-X has been one of the last major individual tax forms that needed to be paper-filed, but now taxpayers can quickly correct previously filed tax returns by submitting Form 1040-X, Amended U.S. Individual Income Tax Return electronically using commercial...

Tax Considerations When Hiring Household Help

by TaxGenuity Tax Experts | Sep 10, 2020 | Tax Advice

If you employ someone to work for you around your house, it is important to consider the tax implications of this type of arrangement. While many people disregard the need to pay taxes on household employees, they do so at the risk of paying stiff tax penalties down...