727·330·3500    ·    Denise Mensa-Cohen, Enrolled Agent    ·    Office Located in Clearwater, Florida
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Five Tax Tips for Older Americans

Everyone wants to save money on their taxes, and older Americans are no exception. If you're age 50 or older, here are five tax tips that could help you do just that. 1. Standard Deduction for Seniors. If you and/or your spouse are 65 years old or older and you do not...

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Canceled Debt may be Taxable

If a lender cancels part or all of a debt, a taxpayer must generally consider this as income. However, the law allows an exclusion that may apply to homeowners who had their mortgage debt canceled in 2017. Here are seven things you should know about debt cancellation:...

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Late Filing and Late Payment Penalties

April 17 is the deadline for most people to file their federal income tax return and pay any taxes they owe. The bad news is that if you miss the deadline (for whatever reason) you may be assessed penalties for both failing to file a tax return and for failing to pay...

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Refundable vs. Non-Refundable Tax Credits

Tax credits can reduce your tax bill or give you a bigger refund but not all tax credits are created equal. While most tax credits are refundable, some credits are nonrefundable but before we take a look at the difference between refundable and nonrefundable tax...

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IRS Dirty Dozen Tax Scams for 2018

Compiled annually by the IRS, the "Dirty Dozen" is a list of common scams taxpayers may encounter. While many of these scams peak during the tax filing season, they may be encountered at any time during the year. Here is this year's list: 1. Phishing Scam artists...

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Need to File an Extension? Don’t Wait.

If you've been procrastinating when it comes to preparing and filing your tax return this year you might be considering filing an extension. While obtaining a 6-month extension to file is relatively easy--and there are legitimate reasons for doing so--there are also...

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Understanding Estimated Tax Payments

Estimated tax is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, and rent, as well as gains from the sale of assets, prizes and awards. You also may have to pay estimated tax if...

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Five Tax Provisions Retroactively Extended for 2017

The Bipartisan Budget Act of 2018 (BBA) retroactively extended a number of tax provisions through 2017 for individual taxpayers. Let's take a look at five of them. 1. Mortgage Insurance Premiums Homeowners with less than 20 percent equity in their homes are required...

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Hurricane Victims may Qualify for EITC

Taxpayers whose incomes dropped in 2017 due to last year's hurricanes--especially those who lived in areas affected by Hurricanes Harvey, Irma and Maria--may be eligible for the Earned Income Tax Credit (EITC). The EITC is a credit for low and moderate income workers...

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Do you Qualify for a Healthcare Exemption?

With the 2018 tax filing season in full swing, it's not too early to think about how the health care law affects your taxes. The Affordable Care Act requires you and each member of your family to do at least one of the following: Have qualifying health coverage called...

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