727·330·3500    ·    Denise Mensa-Cohen, Enrolled Agent    ·    Office Located in Clearwater, Florida
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Small Business Taxpayers: The Year in Review

Small Business Taxpayers: The Year in Review

Here's what business owners need to know about tax changes for 2021. Standard Mileage Rates The standard mileage rate in 2021 is 56 cents per business mile driven. Health Care Tax Credit for Small Businesses Small business employers who pay at least half the premiums...

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Individual Taxpayers: The Year in Review

Individual Taxpayers: The Year in Review

As we close out the year and get ready for tax season, here's what individuals and families need to know about tax provisions for 2021. Personal Exemptions Personal exemptions are eliminated for tax years 2018 through 2025. Standard Deductions The standard deduction...

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Tax Benefits of Health Savings Accounts

Tax Benefits of Health Savings Accounts

While similar to FSAs (Flexible Savings Plans) in that both allow pretax contributions, Health Savings Accounts or HSAs offer taxpayers several additional tax benefits. Let's take a look: What is a Health Savings Account? A Health Savings Account is a type of savings...

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Worker Classification: Employee vs. Contractor

Worker Classification: Employee vs. Contractor

If you hire someone for a long-term, full-time project or a series of projects that are likely to last for an extended period, you must pay special attention to the difference between independent contractors and employees. Why It Matters The Internal Revenue Service...

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Deferred Tax on Gains From Forced Sales of Livestock

Deferred Tax on Gains From Forced Sales of Livestock

Farmers and ranchers forced to sell livestock due to drought may have an additional year to replace the livestock and defer tax on any gains from the forced sales. Here are some important facts to help farmers understand how the deferral works and their eligibility....

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Tips To Avoid Fraud and Scams After a Disaster

Tips To Avoid Fraud and Scams After a Disaster

Criminals and fraudsters often see disasters as an opportunity to take advantage of victims when they are the most vulnerable, as well as the generous taxpayers who want to help with relief efforts. Generally, these disaster scams start with unsolicited contact -...

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Shared Custody and Advance Child Tax Credit Payments

Shared Custody and Advance Child Tax Credit Payments

Parents who share custody of their children may be confused about how the advance child tax credit payments are distributed. As such, the first step is to remember that these are advance payments of a tax credit that taxpayers expect to claim on their 2021 tax return....

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IRS Charges Fee for Estate Closing Letters

IRS Charges Fee for Estate Closing Letters

Starting October 28, a new $67 user fee will apply to any estate that requests an estate tax closing letter for its federal estate tax return. This closing letter is formally referred to as IRS Letter 627. Background By law, federal agencies are required to charge a...

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