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

It’s Hurricane Season: Safeguarding Tax Records

It’s Hurricane Season: Safeguarding Tax Records

With hurricane season in full swing, now is a good time to create or review emergency preparedness plans for surviving natural disasters, which include more than just hurricanes. For example, in the last year, the Federal Emergency Management Agency (FEMA) declared...

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Selling a House Could Affect Your Taxes

Selling a House Could Affect Your Taxes

If you are thinking about selling - or have already sold - your house this year, it's important to understand how selling a home may affect tax returns. Let's take a look at a few key points homeowners should consider when selling a home: Ownership and use To claim...

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Six Steps to Protect Against Taxpayer ID Theft

Six Steps to Protect Against Taxpayer ID Theft

Tax-related identity theft occurs when someone uses a taxpayer's stolen personal information, such as a Social Security number, to file a tax return claiming a false refund. Thieves are actively working to steal taxpayer information and identities, and everyone should...

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What to Know About Backup Withholding

What to Know About Backup Withholding

Backup withholding is a federal tax on income that otherwise typically doesn't require tax withholding, such as 1099 and W2-G income. Taxpayers who receive this type of income may have backup withholding deducted from their payments. Here is what you should know about...

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10 Tips to Help You Start Saving for Retirement

10 Tips to Help You Start Saving for Retirement

It's never too late to start, but the sooner you begin saving, the more time your money has to grow. Gains each year build on the prior year's gains - that's the power of compounding - and the best way to accumulate wealth. These ten tips will help you get started:...

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What Is the Net Investment Income Tax?

What Is the Net Investment Income Tax?

While the Net Investment Income Tax (NIIT) tends to affect wealthier individuals most often, in certain circumstances, it can also affect moderate-income taxpayers whose income increases significantly in a given tax year. Here's what you need to know. What is the Net...

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Expat Compliance With US Tax Filing Obligations

Expat Compliance With US Tax Filing Obligations

Taxpayers who relinquish citizenship without complying with their U.S. tax obligations are subject to the significant tax consequences of the U.S. expatriation tax regime. If you're an expat who has relinquished - or intends to relinquish - your U.S. citizenship but...

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Employee Relocation: What Happens to Your Home?

Employee Relocation: What Happens to Your Home?

Business owners, as well as employees, often have questions about what to do with an employee's home - and what the tax consequences might be - when he or she is moved to a new job location. Here are some answers. Employees Most employers want to protect the employee...

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What are Estimated Tax Payments?

What are 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, alimony, and rent and gains from the sale of assets, prizes, and awards. You also may have to pay an estimated tax...

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