727·330·3500    ·    Denise Mensa-Cohen, Enrolled Agent    ·    Office Located in Clearwater, Florida
It's Sunday 7:05 PM
Our Office is Closed

Welcome to the TaxGenuity Blog

The Home Office Deduction

The Home Office Deduction

With more people working from home than ever before, taxpayers may be wondering if they can claim a home office deduction when they file their 2020 tax return next year. The short answer is that self-employed taxpayers who use their home for business may be able to...

read more
IRS Form 1040-X Now Available for E-Filing

IRS Form 1040-X Now Available for E-Filing

Form 1040-X has been one of the last major individual tax forms that needed to be paper-filed, but now taxpayers can quickly correct previously filed tax returns by submitting Form 1040-X, Amended U.S. Individual Income Tax Return electronically using commercial...

read more
Tax Considerations When Hiring Household Help

Tax Considerations When Hiring Household Help

If you employ someone to work for you around your house, it is important to consider the tax implications of this type of arrangement. While many people disregard the need to pay taxes on household employees, they do so at the risk of paying stiff tax penalties down...

read more
Preparing for a Successful Retirement

Preparing for a Successful Retirement

As you approach retirement, it's vital that you pay attention to key financial matters to ensure a smooth transition. Here are five of them: 1. Health Insurance Are you among the lucky few who will continue to be covered after retirement? If not, then you'll need to...

read more
It’s Never Too Early to Check Tax Withholding

It’s Never Too Early to Check Tax Withholding

While it might seem like tax season just ended, it is never too early to do a "Paycheck Checkup" to make sure the right amount of tax is withheld from earnings - and avoid a tax surprise next year when filing your 2020 tax return. As a reminder, because income taxes...

read more
Small Business Update: Payroll Tax Deferral

Small Business Update: Payroll Tax Deferral

On August 8, 2020, the President of the United States issued a Presidential Memorandum allowing employers to defer withholding and payment of the employee's portion of the Social Security tax if the employee's wages are below a certain amount. Medicare taxes are not...

read more
Small Business Tax Tips: Payroll Expenses

Small Business Tax Tips: Payroll Expenses

Federal law requires most employers to withhold federal taxes from their employees' wages. Whether you're a small business owner who's just starting or one who has been in business a while and is ready to hire an employee or two, here are five things you should know...

read more
Temporary Relief for Retirement Plan Participants

Temporary Relief for Retirement Plan Participants

Temporary administrative relief has been issued that helps certain retirement plan participants or beneficiaries who need to make participant elections by allowing flexibility for remote signatures. Generally, signatures of the individual making the election must be...

read more
RIC Shareholder Dividends Qualify as Section 199A

RIC Shareholder Dividends Qualify as Section 199A

Section 199A, enacted as part of the Tax Cuts and Jobs Act (TCJA), allows individual taxpayers and certain trusts and estates to deduct up to 20 percent of certain income (section 199A deduction). It is available to eligible taxpayers with qualified business income...

read more
 
Contact TaxGenuity Tax Experts

Pin It on Pinterest

Hi, this is Denise...

Please share this page with your friends!