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

Taxpayer Alert: Significant Increase in Texting Scams

Taxpayer Alert: Significant Increase in Texting Scams

To date, the IRS has identified and reported thousands of fraudulent domains tied to multiple text scams, known as smishing, targeting taxpayers. Recently, IRS-themed smishing has increased significantly. As such, taxpayers are reminded to be on the lookout for scams...

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Beware Third Parties Promoting Improper ERC Claims

Beware Third Parties Promoting Improper ERC Claims

Taxpayers are always responsible for the information reported on their tax returns. Businesses are encouraged to be cautious of advertised schemes and direct solicitations promising tax savings that are too good to be true. As such, employers should be wary of third...

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Watch Out for Natural Disaster Donation Scams

Watch Out for Natural Disaster Donation Scams

After a natural disaster, people often rally to help victims by donating money to charitable organizations that help disaster victims. Unfortunately, this can allow criminals to prey on them by soliciting donations from fake charities. As such, before donating to...

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Deducting Casualty Losses on a Tax Return

Deducting Casualty Losses on a Tax Return

Every year, hurricanes, tornadoes, floods, wildfires, and other natural disasters affect US citizens. The bad news is that recovery efforts after natural disasters can be costly. For instance, when hurricanes strike, they not only cause wind damage but can cause...

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Understanding IRAs: Terms to Know

Understanding IRAs: Terms to Know

IRAs, or Individual Retirement Arrangements, provide tax incentives for people to make investments that can provide financial security for their retirement. To help people better understand this type of retirement savings account, here's a basic overview of terms to...

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Tips for Avoiding an IRS Tax Audit

Tips for Avoiding an IRS Tax Audit

Although the chances of taxpayers being audited have declined in recent years, with taxes becoming more complicated every year, there is always the possibility that a tax mistake turns into an IRS tax audit. Avoiding "red flags" like the ones listed below could help....

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Year-end Tax Planning Strategies for Business Owners

Year-end Tax Planning Strategies for Business Owners

Several end-of-year tax planning strategies are available to business owners to reduce their tax liability. Let's take a look: Deferring Income Businesses using the cash method of accounting can defer income into 2023 by delaying end-of-year invoices so that payment...

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Year-end Tax Planning Strategies for Individuals

Year-end Tax Planning Strategies for Individuals

With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies that could reduce your tax bill for 2022. General Tax Planning Strategies General tax planning strategies for individuals include accelerating or deferring...

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Early Withdrawals from Retirement Plans

Early Withdrawals from Retirement Plans

Many people find themselves in situations where they need to withdraw money from their retirement plan earlier than planned. Doing so, however, can trigger an additional tax on top of any income tax taxpayers may have to pay. Here are five things taxpayers should know...

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Federal Tax Obligations During Chapter 13 Bankruptcy

Federal Tax Obligations During Chapter 13 Bankruptcy

The most common type of bankruptcy for individuals is Chapter 13, which allows individuals and small business owners in financial difficulty to repay their creditors. Often, it is a last resort for wage earners (individuals and those filing jointly as spouses), the...

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