727·330·3500    ·    Denise Mensa-Cohen, Enrolled Agent    ·    Office Located in Clearwater, Florida
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Welcome to the TaxGenuity Blog

Ten Key Tax Facts about Home Sales

In most cases, gains from sales are taxable. But did you know that if you sell your home, you may not have to pay taxes? Here are ten facts to keep in mind if you sell your home this year. 1. Exclusion of Gain. You may be able to exclude part or all of the gain from...

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Who Can Represent You Before the IRS?

Many people use a tax professional to prepare their taxes. Anyone who prepares, or assists in preparing, all or substantially all of a federal tax return for compensation is required to have a valid PTIN. All enrolled agents must also have a valid PTIN. Tax...

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Identity Theft: What to Watch out for and What to do

Tax-related identity theft typically occurs when someone uses your stolen Social Security number to file a tax return claiming a fraudulent refund. Anyone can fall victim to identity theft. Here is an important reminder of how to protect yourself from identity theft,...

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Preparing an Effective Business Plan

Whether you're starting a new company, seeking additional financing for an existing one, or analyzing a new market, a business plan is a valuable tool. Think of it as your blueprint for success. Not only will it clarify your business vision and goals, but it will also...

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Business Entertainment Expenses

As a business owner, you are entitled to deduct certain expenses on your tax return--including expenses related to entertaining clients. Entertainment is considered any activity that provides entertainment, amusement, or recreation. It may also include meeting the...

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Tax Tips for Those Affected By Natural Disasters

Every year, hurricanes, tornadoes, floods, wildfires, and other natural disasters affect people throughout the US. The bad news is that recovery efforts after natural disasters can be costly. For instance, when hurricanes strike they not only cause wind damage but can...

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Traditional IRAs vs. Roth IRAs

Two types of IRAs are available to fund your retirement: Traditional IRAs and Roth IRAs. While both are subject to many of the same rules there are several important differences. It's important to understand these differences because the type of individual retirement...

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Small Business Tax Tips: Payroll Expenses

Federal law requires most employers to withhold federal taxes from their employees' wages. Whether you're a small business owner who's just starting out or one who has been in business a while and is ready to hire an employee or two, here are five things you should...

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The Simplified Option for Home Office Deduction

If you're one of the more than 3.4 million taxpayers who claimed deductions for business use of a home (commonly referred to as the home office deduction)--but haven't taken advantage of it because you thought it was too complicated--then you might be interested in...

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Tax Tips for Legally Married Same-Sex Couples

Under a joint IRS and U.S. Department of the Treasury ruling issued in 2013, same-sex couples, legally married in jurisdictions that recognize their marriages, are treated as married for federal tax purposes, including income and gift and estate taxes. The ruling...

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