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

Retirement Contributions Limits Announced for 2018

Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for the tax year 2018 have been announced by the IRS. Here are the highlights: In general, income ranges for determining eligibility to make deductible...

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Tax Reform Update: The Tax Cuts and Jobs Act

Please note that the information presented below is current as of press time and will be updated as information becomes available. At 500 pages and counting, the Tax Cuts and Jobs Bill (H.R. 1) is the first significant tax reform effort undertaken by Congress in more...

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Tax Advantages of Health Savings Accounts

While similar to FSAs (Flexible Savings Plans) in that both allow pre-tax contributions, Health Savings Accounts or HSAs offer taxpayers several additional tax benefits such as contributions that roll over from year to year (i.e., no "use it or lose it"), tax-free...

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Five Common Budgeting Errors & How to Avoid Them

When it comes to creating a budget, it's essential to estimate your spending as realistically as possible. Here are five budget-related errors commonly made by small businesses and some tips for avoiding them. Not Setting Goals. It's almost impossible to set spending...

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Business Tax Provisions: the Year in Review

Whether you file as a corporation or sole proprietor here's what business owners need to know about tax changes for 2017. Standard Mileage Rates  The standard mileage rates in 2017 are as follows: 53.5 cents per business mile driven, 17 cents per mile driven for...

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2017 Recap of Tax Provisions for Individuals

Many of the tax changes affecting individuals and businesses for 2017 were related to the Protecting Americans from Tax Hikes Act of 2015 (PATH) that modified or made permanent numerous tax breaks (the so-called "tax extenders"). To further complicate matters, some...

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Relief for Drought-Stricken Farmers and Ranchers

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...

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Tax Deductions for Educators

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 look...

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Seasonal Workers and the Health Care Law

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...

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Solar Technology Tax Credits Available for 2017

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...

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