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

There May Still Be Time to Lower Your 2023 Tax Bill

There May Still Be Time to Lower Your 2023 Tax Bill

If you're preparing to file your 2023 tax return, you may still be able to lower your tax bill - or increase your refund. If you qualify, you can make a deductible contribution to a traditional IRA right up until the original filing deadline, April 15, 2024, and see...

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Tracking Down Donation Substantiation

Tracking Down Donation Substantiation

If you're like many Americans, your mailbox may have been filling up in recent weeks with letters from your favorite charities acknowledging your 2023 donations. But what happens if you haven't received such a letter for a contribution? Can you still claim a deduction...

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How to Secure a Tax Benefit with the QBI Deduction

How to Secure a Tax Benefit with the QBI Deduction

QBI may sound like the name of a TV quiz show. But it's actually the acronym for "qualified business income," which can trigger a tax deduction for some small business owners or self-employed individuals. The QBI deduction was authorized by the Tax Cuts and Jobs Act...

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Traveling for Business in 2024? What’s Deductible?

Traveling for Business in 2024? What’s Deductible?

If you and your employees will be traveling for business this year, there are many factors to keep in mind. Under the tax law, certain requirements for out-of-town business travel within the United States must be met before you can claim a deduction. The rules apply...

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2024 vehicle mileage rates

2024 vehicle mileage rates

The IRS has issued the 2024 optional cents-per-mile rates used to calculate the tax-deductible costs of operating a vehicle: Effective Jan. 1, 2024, the standard mileage rate for the business use of a car (including vans, pickups, and panel trucks) is 67 cents per...

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Did You Get Married in 2023?

Did You Get Married in 2023?

Your filing status options for your 2023 income tax return depend on your marital status on Dec. 31. The married-filing-jointly status is typically the most beneficial way for married taxpayers to file, but it's a good idea to take a "what-if" look at the married...

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One Reason to File Your 2023 Tax Return Early

One Reason to File Your 2023 Tax Return Early

The 2023 individual income tax return filing season will open soon. Even if you typically don't file until much closer to the April 15 deadline (or you file for an extension), consider filing earlier this year. Why? You may be able to protect yourself from tax...

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Appraisals Aren’t Just for Businesses

Appraisals Aren’t Just for Businesses

Whether you're in the process of making a retirement or estate plan or you intend to donate property to charity, you'll need to know the value of your assets. For many hard-to-value items, such as closely held business interests, real estate, art and collectibles, an...

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The Advantages of LLC Structure for a Small Business

The Advantages of LLC Structure for a Small Business

If you operate your small business as a sole proprietorship, you may have thought about forming a limited liability company (LLC) to protect your assets. Or maybe you're launching a new business and want to know the options for setting it up. Here are the basics of...

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