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

What is Form 1099-NEC?

by TaxGenuity Tax Experts | Aug 18, 2020 | Tax Advice

Starting in tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation to report any payment of $600 or more to a payee. There is a new form that only applies to business taxpayers who pay or receive nonemployee compensation. Generally, payers must...

Tax Breaks for Teachers and Educators

by TaxGenuity Tax Experts | Aug 15, 2020 | Tax Advice

While many schools are switching to hybrid or remote learning models, teachers and other educators should remember that they can still deduct certain unreimbursed expenses such as classroom supplies, training, and travel. Deducting these expenses helps reduce the...

Filing an Amended Tax Return

by TaxGenuity Tax Experts | Aug 12, 2020 | Tax Advice

If you discover a mistake on your tax return after you’ve already filed, don’t panic. In most cases, all you have to do is file an amended tax return. Here’s what you need to know: Taxpayers should use Form 1040X, Amended U.S. Individual Income Tax...

Protect Tax Records Before Disaster Strikes

by TaxGenuity Tax Experts | Aug 9, 2020 | Tax Advice

As such, it’s always a good idea to plan for what to do in case of a disaster. Here are some simple steps you can take right now to prepare: 1. Backup Records Electronically. Many people receive bank statements by email. This is a good way to secure your...

Exiting a Business: Which Option Is Right for You?

by TaxGenuity Tax Experts | Aug 6, 2020 | Tax Advice

Selecting your business successor is a fundamental objective when planning your exit strategy and requires a careful assessment of what you want from the sale of your business and who can best give it to you. There are only four ways to leave your business and the...

Dirty Dozen Tax Scams: 2020 Edition

by TaxGenuity Tax Experts | Aug 3, 2020 | Tax Advice

The “Dirty Dozen” is a list of common tax scams that target taxpayers. Compiled and issued annually every year by the IRS, this year it includes many aggressive and evolving schemes related to coronavirus tax relief, including Economic Impact Payments. The...

Closing Your Business: A Tax Checklist

by TaxGenuity Tax Experts | Jul 29, 2020 | Tax Advice

More than 100,000 small businesses have closed due to COVID-19. If yours is one of them, you should be aware that there is more to closing a business than laying off employees, selling office furniture, and closing the doors – you must also take certain actions...