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

Small Business: Understanding Payroll Expenses

Small Business: Understanding Payroll Expenses

Federal law requires most employers to withhold federal taxes from their employees' wages. Whether you're a small business owner who's just starting out or one who has been in business a while and is ready to hire an employee or two, here are five things you should...

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Advance Child Tax Credit Payments Start This Month

Advance Child Tax Credit Payments Start This Month

The Internal Revenue Service has started sending letters to more than 36 million American families who, based on tax returns filed with the agency, may be eligible to receive monthly Child Tax Credit payments starting July 15, 2021. Here's what families need to know:...

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Tips for Students with a Summer Job

Tips for Students with a Summer Job

If your child is a student with a summer job, your child's income over the summer is considered taxable income. Here's what they should know: Form W-4. When anyone gets a new job, they need to fill out a Form W-4, Employee's Withholding Allowance Certificate....

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What is an Economic Impact Notice?

What is an Economic Impact Notice?

After a taxpayer has been issued an Economic Impact Payment, the IRS is required to mail an Economic Impact Notice to the recipient at their last known address. This notice provides information about the amount of the Economic Impact Payment, how it was made, and how...

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HSA Limits Increase for 2022

HSA Limits Increase for 2022

Contributions to a Health Savings Account (HSA) are used to pay current or future medical expenses of the account owner, his or her spouse, and any qualified dependent and are adjusted annually for inflation. For 2022, the annual inflation-adjusted contribution limit...

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Tips to Help You Figure Out if Your Gift is Taxable

Tips to Help You Figure Out if Your Gift is Taxable

If you've given money or property to someone as a gift, you may owe federal gift tax, but in many cases, you will not. For example, there is usually no tax if you make a gift to your spouse or a charity. If you make a gift to someone else, the gift tax usually does...

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Changing Jobs? Don’t Forget About Your 401(k)

Changing Jobs? Don’t Forget About Your 401(k)

One of the most important questions you face when changing job is what to do with the money in your 401(k) because making the wrong move could cost you thousands of dollars or more in taxes and lower returns. Let's say you put in five years at your current job. For...

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Tax Considerations When Selling Your Small Business

Tax Considerations When Selling Your Small Business

Selling a small to medium-sized business is a complex venture, and many business owners are not aware of the tax consequences. If you're thinking about selling your business the first step is to consult a competent tax professional. You will need to make sure your...

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Deductions for Food or Beverages From Restaurants

Deductions for Food or Beverages From Restaurants

Beginning January 1, 2021, and extending through December 31, 2022, businesses can claim 100% of their food or beverage expenses paid to restaurants as long as the business owner (or an employee of the business) is present when food or beverages are provided, and the...

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