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

Five Facts about the Additional Medicare Tax

Some taxpayers may be required to pay an Additional Medicare Tax if their income exceeds certain limits. Here are some things that you should know about this tax: 1. Tax Rate. The Additional Medicare Tax rate is 0.9 percent. 2. Income Subject to Tax. The tax applies...

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Is Home Equity Loan Interest still Deductible?

The Tax Cuts and Jobs Act has resulted in questions from taxpayers about many tax provisions including whether interest paid on home equity loans is still deductible. The good news is that despite newly-enacted restrictions on home mortgages, taxpayers can often still...

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Taxable vs. Nontaxable Income

All income is taxable unless the law specifically excludes it, but as you might have guessed, there's more to it than that. With that in mind, let's take a closer look at taxable vs. nontaxable income. Taxable Income Taxable income includes any money you receive, such...

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Report Name Changes before Filing Taxes

All of the names on a taxpayer's tax return must match Social Security Administration records because a name mismatch can delay a tax refund. Here's what you should do if anyone listed on their tax return changed their name: 1. Reporting Taxpayer's Name...

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Pros and Cons of Filing a Tax Extension

Obtaining a 6-month extension to file is relatively easy and there are legitimate reasons for doing so; however, there are also a few downsides. If you need more time to file your tax return this year, here's what you need to know about filing an extension. What is an...

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Are Social Security Benefits Taxable?

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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The Small Business Health Care Tax Credit

If you're a small business owner with fewer than 25 full-time equivalent employees you may be eligible for the small business health care credit. What is the Small Business Health Care Credit? The small business health care tax credit, part of the Patient Protection...

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Four Tax Deductions that Disappeared in 2018

Tax reform eliminated a number of deductions that many taxpayers counted on to reduce their taxable income. Here are four that could affect you. 1. Personal Exemptions Personal exemptions enabled individual taxpayers to reduce taxable their income in addition to the...

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