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

Avoid these Five Common Budgeting Error$

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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Recap of Business Tax Provisions for 2018

Here's what business owners need to know about tax changes for 2018. Standard Mileage Rates  The standard mileage rate in 2018 is 54.5 cents per business mile driven. Health Care Tax Credit for Small Businesses  Small business employers who pay at least half the...

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Year in Review: Tax Changes for Individuals

The Tax Cuts and Jobs Act of 2017 (TCJA) eliminated or modified numerous tax provisions starting in 2018. Here's what individuals and families need to know as they get ready for tax season. Personal Exemptions  Personal exemptions are eliminated for tax years 2018...

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IRS Relief for Taxpayers Affected by Hurricanes

FEMA (Federal Emergency Management Agency) has declared a number of counties in Florida, Georgia, North Carolina, South Carolina and Virginia disaster areas due to hurricanes Michael and Florence. Any area declared a major disaster as designated by FEMA qualifies for...

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The Health Care Law and Hiring Seasonal Workers

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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Understanding the Gift Tax

If you gave money or property to someone as a gift, you might owe federal gift tax. Many gifts are not subject to the gift tax, but there are exceptions. Here are eight tips you can use to figure out whether your gift is taxable. 1. Most gifts are not subject to the...

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Section 199A: Qualified Business Income Deduction

Thanks to tax reform legislation passed in December 2017, eligible taxpayers may now deduct up to 20 percent of certain business income from qualified domestic businesses, as well as certain dividends. Eligible taxpayers can claim the deduction for the first time on...

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Making Tax Smart Loans to Family and Friends

Lending money to a cash-strapped friend or family member is a noble and generous offer that just might make a difference. But before you hand over the cash, you need to plan ahead to avoid tax complications for yourself down the road. Take a look at this example:...

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