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

Credit Reports: What You Should Know

by TaxGenuity Tax Experts | Jan 11, 2021 | 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...

Identity Protection Pin Available To All Taxpayers

by TaxGenuity Tax Experts | Jan 8, 2021 | Tax Advice

Starting in January 2021, the IRS Identity Protection PIN Opt-In Program will be expanded to all taxpayers who can properly verify their identity. Previously, IP PINs were only available to identity theft victims. What is an Identity Protection PIN? An identity...

Important Tax Changes for Individuals and Businesses

by TaxGenuity Tax Experts | Jan 5, 2021 | Tax Advice

Every year, it’s a sure bet that there will be changes to current tax law and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here’s a checklist of tax changes to help you plan the year ahead....

Charitable Donation Deduction Could Lower Your Tax Bill

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

The Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted last spring, includes several temporary tax changes that help charitable organizations. One such provision allows taxpayers to deduct cash donations of up to $300 made before December 31, 2020....

Relief for Drought-Stricken Farmers and Ranchers

by TaxGenuity Tax Experts | Dec 26, 2020 | Tax Advice

Farmers and ranchers who were forced to sell livestock due to drought may have an additional year to replace the livestock and defer tax on any gains from the forced sales. The relief generally applies to capital gains realized by eligible farmers and ranchers on...

Beware of Gift Card Tax Scams

by TaxGenuity Tax Experts | Dec 23, 2020 | Tax Advice

There’s never an off-season when it comes to scammers and thieves who want to trick people to scam them out of money, steal their personal information, or talk them into engaging in questionable behavior with their taxes. While scam attempts typically peak...

Solar Technology Tax Credits Still Available for 2020

by TaxGenuity Tax Experts | Dec 20, 2020 | Tax Advice

Certain energy-efficient home improvements can cut your energy bills and save you money at tax time. While many of these tax credits expired at the end of 2016, tax credits for residential and non-business energy-efficient solar technologies do not expire until...