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

Relief for Drought-Stricken Farmers and Ranchers

by TaxGenuity Tax Experts | Nov 29, 2017 | Tax Advice

Farmers and ranchers who previously were forced to sell livestock due to drought in an applicable region now have an additional year to replace the livestock and defer tax on any gains from the forced sales, according to the Internal Revenue Service. An applicable...

Tax Deductions for Educators

by TaxGenuity Tax Experts | Nov 26, 2017 | Tax Advice

With the fall semester of the school year well underway teachers, administrators and aides should not forget to keep track of education-related expenses that could help reduce their taxes when they file their returns next spring. With that in mind, let’s take a...

Seasonal Workers and the Health Care Law

by TaxGenuity Tax Experts | Nov 23, 2017 | Tax Advice

Businesses often need to hire workers on a seasonal or part-time basis. For example, some businesses may need seasonal help for holidays, harvest seasons, commercial fishing, or sporting events. Whether you are getting paid or paying someone else, questions often...

Solar Technology Tax Credits Available for 2017

by TaxGenuity Tax Experts | Nov 20, 2017 | 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...

New e-Services Scam Affects Taxpayers, Tax Pros

by TaxGenuity Tax Experts | Nov 17, 2017 | Tax Advice

As IRS e-Services begins its move later this month to Secure Access authentication and its two-factor protections, cybercriminals are likely to make last-ditch efforts to steal passwords and data prior to the transition. IRS e-Services users should be aware of a new...

Reconstructing Records After a Disaster

by TaxGenuity Tax Experts | Nov 14, 2017 | Tax Advice

As the end of year approaches and tax season right around the corner, taxpayers who are victims of a natural disaster might need to reconstruct records to prove their loss. Doing this may be essential for tax purposes, getting federal assistance, or insurance...

Charitable Contributions of Property

by TaxGenuity Tax Experts | Nov 8, 2017 | Tax Advice

If you contribute property to a qualified organization, the amount of your charitable contribution is generally the fair market value of the property at the time of the contribution. However, if the property fits into one of the categories discussed here, the amount...