727·330·3500    ·    Denise Mensa-Cohen, Enrolled Agent    ·    Office Located in Clearwater, Florida
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7 Tips to Help You Figure out if Your Gift Is Taxable

The Home Office Tax Deduction for Small Business

If you're a small business owner who uses your home for business you may be eligible to claim the home office deduction, which allows you to deduct certain home expenses on your tax return. The benefit to this, of course, is that it can reduce the amount of your...

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7 Tips to Help You Figure out if Your Gift Is Taxable

5 Tips for Applying for Tax-Exempt Status

If you're thinking about starting a nonprofit and want to apply for tax-exempt status under Section 501(c)(3) of the tax code, you'll need to use Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code. Here are five...

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7 Tips to Help You Figure out if Your Gift Is Taxable

Estimated Tax Penalty Waived for Eligible Filers

More than 400,000 eligible taxpayers whose withholding and estimated tax payments fell short of their total 2018 tax liability will have the estimated tax penalty automatically waived or refunded (if they already paid the penalty) on 2018 returns filed with the IRS....

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7 Tips to Help You Figure out if Your Gift Is Taxable

Scam Alert: Watch out for IRS Impersonation Emails

Taxpayers should be aware that a new IRS impersonation scam email campaign is making the rounds. This latest scheme is yet another reminder that tax scams are a year-round business for thieves and taxpayers should be on guard at all times. This latest scam uses dozens...

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7 Tips to Help You Figure out if Your Gift Is Taxable

October 1 Deadline to Set up SIMPLE IRA Plans

Of all the retirement plans available to small business owners, the SIMPLE IRA plan (Savings Incentive Match PLan for Employees) is the easiest to set up and the least expensive to manage. The catch is that you'll need to set it up by October 1st. Here's what you need...

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7 Tips to Help You Figure out if Your Gift Is Taxable

It’s Not Too Late to Check Paycheck Withholding

Did you know that the average tax refund was $2,729 for tax year 2018? While some taxpayers may find it advantageous to get a large tax refund, others may wish to have more of their money show up in their paychecks throughout the year. No matter which preference...

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7 Tips to Help You Figure out if Your Gift Is Taxable

Homeowner Records: What to Keep and How Long

Keeping full and accurate homeowner records is not only vital for claiming deductions on your tax return, but also for determining the basis or adjusted basis of your home. These records include your purchase contract and settlement papers if you bought the property,...

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7 Tips to Help You Figure out if Your Gift Is Taxable

Settling Tax Debt With an IRS Offer in Compromise

An offer in compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service that settles a taxpayer's tax liabilities for less than the full amount owed. That's the good news. The bad news is that not everyone is eligible to use this option to...

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7 Tips to Help You Figure out if Your Gift Is Taxable

List of Preventive Care Benefits Expanded for HSAs

The list of medical care services for a range of chronic conditions allowed to be provided by a high deductible health plan (HDHP) was expanded effective July 17, 2019. These medical services and items are limited to the specific medical care services or items listed...

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