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

Choosing a Legal Entity for your Business

by TaxGenuity Tax Experts | Jun 18, 2019 | Tax Advice

If you’ve decided to start a business, one of the most important decisions you’ll need to make is choosing a legal entity. It’s a decision that impacts many things–from the amount of taxes you pay to how much paperwork you have to deal with and...

How the Sharing Economy affects your Taxes

by TaxGenuity Tax Experts | Jun 14, 2019 | Tax Advice

If you’ve ever used–or provided services for– Uber, Lyft, Airbnb, Etsy, Rover, or TaskRabbit. then you’re a member of the sharing economy and it could affect your taxes. The good news is that if you’ve only used these services (and not...

Filing an Amended Tax Return: What you need to Know

by TaxGenuity Tax Experts | Jun 10, 2019 | 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...

EIN application Process Revised to Enhance Security

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

Starting May 13, 2019 only individuals with tax identification numbers may request an Employer Identification Number (EIN) as the “responsible party” on the application. An EIN is a nine-digit tax identification number assigned to sole proprietors,...

Delinquent Tax Debts Could Affect Passport Renewal

by TaxGenuity Tax Experts | May 25, 2019 | Tax Advice

As a reminder, individuals with “seriously delinquent tax debts” are subject to a new set of provisions courtesy of the Fixing America’s Surface Transportation (FAST) Act, signed into law in December 2015. These provisions went into effect in...

Credit for Plug-in Electric Vehicles Winds Down

by TaxGenuity Tax Experts | May 20, 2019 | Tax Advice

The tax credit available for purchasers of new General Motors plug-in electric vehicles begins phasing out on April 1, 2019. The phaseout was triggered because General Motors, LLC has sold more than 200,000 vehicles eligible for the plug-in electric drive motor...

Identity Theft and Your Taxes

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

Tax-related identity theft occurs when someone uses your stolen Social Security number to file a tax return claiming a fraudulent refund. It presents challenges to individuals, businesses, organizations and government agencies, including the IRS. Learning that you are...