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

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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Economic Impact Payments: Round Three

Economic Impact Payments: Round Three

On March 12, following the approval and signing of the American Rescue Plan Act, the first batch of $1,400 stimulus payments - part of the third round of Economic Impact Payments - were sent out by the IRS. While most payments were sent out via direct deposit,...

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Highlights of the American Rescue Plan Act

Highlights of the American Rescue Plan Act

Signed into law on March 11, 2021, the American Rescue Plan Act (ARPA) contains a number of tax provisions affecting individuals and families. Let's take a look: Economic Impact Payments (EIP3). A third round of economic impact payments (EIP3) will be sent to...

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Federal Tax Deadline Extended to May 17

Federal Tax Deadline Extended to May 17

The federal income tax filing due date for individual taxpayers, including individuals who pay self-employment tax, has been extended to Monday, May 17, 2021 for the 2020 tax year. There is no need to file any forms to qualify for this automatic federal tax filing and...

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Social Security Benefits and Taxes: The Facts

Social Security Benefits and Taxes: The Facts

Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable. Generally, you pay federal income taxes on your Social Security benefits only if you have...

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Unemployment Benefits Identity Theft Scam Alert

Unemployment Benefits Identity Theft Scam Alert

During 2020, millions of taxpayers were impacted by the COVID-19 pandemic through job loss or reduced work hours. Some taxpayers who faced unemployment or reduced work hours applied for and received unemployment compensation from their state. As a reminder,...

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Claiming the Credit for Other Dependents

Claiming the Credit for Other Dependents

Taxpayers with dependents who don't qualify for the child tax credit may be able to claim the credit for other dependents. The maximum credit amount is $500. To take the credit, your dependent must meet certain conditions. For example, the dependent you are claiming...

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