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

Who Can Represent You Before the IRS?

by TaxGenuity Tax Experts | Aug 16, 2019 | Tax Advice

Many people use a tax professional to prepare their taxes. Anyone who prepares, or assists in preparing, all or substantially all of a federal tax return for compensation is required to have a valid Preparer Tax Identification Number (PTIN). All enrolled agents must...

Three Tips for Getting an Accurate Business Valuation

by TaxGenuity Tax Experts | Aug 12, 2019 | Tax Advice

If you’re conscientious about financial reporting, you may already have a sense of your company’s worth, but in some instances, you might need a formal business valuation, such as: Certain transactions: Are you selling your business? Planning an IPO? Need...

Tax Deductions for Teachers and Educators

by TaxGenuity Tax Experts | Aug 9, 2019 | Tax Advice

Educators can take advantage of tax deductions for qualified out-of-pocket expenses related to their profession such as classroom supplies, training, and travel. As such, as the new school year begins, teachers, administrators, and aides should remember to keep track...

Credit Reports: What You Should Know

by TaxGenuity Tax Experts | Aug 5, 2019 | Tax Advice

Creditors keep their evaluation standards secret, making it difficult to know just how to improve your credit rating. Nonetheless, it is still important to understand the factors that determine creditworthiness. Periodically reviewing your credit report can also help...

Tax Reform Reminder: Changes to Itemized Deductions

by TaxGenuity Tax Experts | Jul 27, 2019 | Tax Advice

Under tax reform, many tax laws changed, including those affecting itemized deductions. While many people no longer need to itemize due to the nearly doubling of the standard deduction, certain taxpayers whose total deductions exceed the standard deduction may still...

IRS Ends Tax Transcript Fax and Third-Party Services

by TaxGenuity Tax Experts | Jul 23, 2019 | Tax Advice

Due to ongoing efforts to protect taxpayers from identity thieves, the Internal Revenue Service no longer offers tax transcript faxing service and third-party mailing of tax returns and certain transcripts. These measures are effective June 28 and July 1, 2019...

10 Facts about the Adoption Tax Credit

by TaxGenuity Tax Experts | Jul 19, 2019 | Tax Advice

If you adopt a child in 2019, you may qualify for a tax credit, and if your employer helped pay for the costs of an adoption, you may be able to exclude some of your income from tax. Here are ten facts you should know about the Adoption Tax Credit. 1. Credit or...