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

Saving for Education: Understanding 529 Plans

Saving for Education: Understanding 529 Plans

Many parents are looking for ways to save for their child's education, and a 529 Plan is an excellent way to do so. Even better is that thanks to the passage of tax reform legislation in 2017, 529 plans are now available to parents wishing to save for their child's...

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Tax Withholding for Seasonal and Part-Time Employees

Tax Withholding for Seasonal and Part-Time Employees

Many businesses hire part-time or full-time workers, especially in the summer. The IRS classifies these employees as seasonal workers, defined as an employee who performs labor or services on a seasonal basis (i.e., six months or less). Examples of this kind of work...

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Common Errors To Avoid When Filing a Tax Return

While not all mistakes on tax returns cause delays in refunds, some do. As the May 17 deadline approaches, it pays to steer clear of the ten tax return errors listed below. 1. Not using electronic filing. While this isn't necessarily a mistake per se, electronic...

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Tax Return Tips for Last-Minute Filers

Tax Return Tips for Last-Minute Filers

When it comes to working on your taxes, earlier is better, but many people find preparing their tax return to be stressful and frustrating and wait until the last minute. Complicating matters this year is tax reform and the newly redesigned Form 1040. If you've been...

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Donating a Car to Charity as a Tax Write-off

If you donate a car to a qualified charitable organization and intend to claim a deduction, you should be aware of the special rules that apply to vehicle donations. Charities typically sell donated vehicles. If the vehicle is sold by the charitable organization you...

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Personal Protective Equipment Qualifies for Deduction

Personal Protective Equipment Qualifies for Deduction

As a quick reminder, the purchase of personal protective equipment, such as masks, hand sanitizer and sanitizing wipes, for the primary purpose of preventing the spread of coronavirus are deductible medical expenses. The amounts paid for personal protective equipment...

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Coronavirus-related Distributions and Loans

Coronavirus-related Distributions and Loans

The Coronavirus, Aid, Relief and Economic Security (CARES) Act made it easier to access savings in IRAs and workplace retirement plans for those affected by the coronavirus. This relief provided favorable tax treatment for certain withdrawals from retirement plans and...

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Include Gig Economy Income on Tax Returns

Include Gig Economy Income on Tax Returns

The gig economy is also referred to as the on-demand, sharing or access economy. People involved in the gig economy earn income as a freelancer, independent worker or employee. Typically, an online platform is used to connect people with potential or actual customers...

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PPP Loan Deadline Extended Through May 31

PPP Loan Deadline Extended Through May 31

The Paycheck Protection Program Extension Act of 2021was signed into law on March 31, 2021, extending the deadline to apply for a loan by an extra 60 days, from March 31 to May 31, 2021. The law also gives the Small Business Administration (SBA) an additional 30 days...

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Q & A: the $10,200 Unemployment Tax Break

Q & A: the $10,200 Unemployment Tax Break

Generally, unemployment compensation received under the unemployment compensation laws of the United States or of a state is considered taxable income and must be reported on your federal tax return. However, a new tax break - in effect only for the 2020 tax year -...

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