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

Special Tax Breaks for Members of the Armed Forces

by TaxGenuity Tax Experts | Jul 15, 2019 | Tax Advice

Active members of the U.S. Armed Forces should be aware that there are special tax benefits available to them such as not having to pay taxes on some types of income or more time to file and pay their federal taxes. If you’re an active member of the armed...

Your Canceled Debt Could Be Taxable

by TaxGenuity Tax Experts | Jul 11, 2019 | Tax Advice

Generally, debt that is forgiven or canceled by a lender is considered taxable income by the IRS and must be included as income on your tax return. When that debt is forgiven, negotiated down (when you pay less than you owe), or canceled you will receive a Form...

Deducting Business-Related Car Expenses

by TaxGenuity Tax Experts | Jul 7, 2019 | Tax Advice

If you’re self-employed and use your car for business, you can deduct certain business-related car expenses. There are two options for claiming deductions: Actual Expenses. To use the actual expense method, you need to figure out the actual costs of operating...

What to Do if You Receive an IRS CP2000 Notice

by TaxGenuity Tax Experts | Jul 3, 2019 | Tax Advice

n IRS CP2000 notice is mailed to a taxpayer when income reported from third-party sources such as an employer, bank, or mortgage company does not match the income reported on the tax return. It is not a tax bill or a formal audit notification; it merely informs you...

Tax Tips for Students with a Summer Job

by TaxGenuity Tax Experts | Jun 30, 2019 | Tax Advice

Are you a student with a summer job or the parent of a student with a summer job? Here are seven things you should know about the income earned by students during the summer months. All new employees fill out a W-4 when starting a new job. This form is used by...

Employers: Backup Withholding Lowered to 24 Percent

by TaxGenuity Tax Experts | Jun 26, 2019 | Tax Advice

Small business owners are reminded that tax reform legislation lowered the backup withholding tax rate to 24 percent. In addition, the withholding rate that usually applies to bonuses and other supplemental wages was also lowered to 22 percent. As such, employers...

Recordkeeping Tips for Small Business Owners

by TaxGenuity Tax Experts | Jun 22, 2019 | 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...