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

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...

Retirement Contributions Limits Announced for 2021

by TaxGenuity Tax Experts | Dec 17, 2020 | Tax Advice

Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for 2021 are as follows: 401(k), 403(b), 457 plans, and Thrift Savings Plan. Contribution limits for employees who participate in 401(k), 403(b), most 457...

Applying for Tax-Exempt Status as Nonprofit

by TaxGenuity Tax Experts | Dec 13, 2020 | Tax Advice

If you’re thinking of starting a nonprofit organization, there are a few things you should know before you get started. First, is understanding how nonprofits work under state and federal law. For example, two things you should understand is that state law...

Small Business: Deductions for Charitable Giving

by TaxGenuity Tax Experts | Dec 10, 2020 | Tax Advice

Tax breaks for charitable giving aren’t limited to individuals, your small business can benefit as well. If you own a small to medium-size business and are committed to giving back to the community through charitable giving, here’s what you should know. 1....