727·330·3500    ·    Denise Mensa-Cohen, Enrolled Agent    ·    Office Located in Clearwater, Florida
It's Friday 6:27 PMClosing in 33 minutes

Welcome to the TaxGenuity Blog

Tips for Avoiding an IRS Tax Audit

Tips for Avoiding an IRS Tax Audit

Although the chances of taxpayers being audited have declined in recent years, with taxes becoming more complicated every year, there is always the possibility that a tax mistake turns into an IRS tax audit. Avoiding "red flags" like the ones listed below could help....

read more
Year-end Tax Planning Strategies for Business Owners

Year-end Tax Planning Strategies for Business Owners

Several end-of-year tax planning strategies are available to business owners to reduce their tax liability. Let's take a look: Deferring Income Businesses using the cash method of accounting can defer income into 2023 by delaying end-of-year invoices so that payment...

read more
Year-end Tax Planning Strategies for Individuals

Year-end Tax Planning Strategies for Individuals

With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies that could reduce your tax bill for 2022. General Tax Planning Strategies General tax planning strategies for individuals include accelerating or deferring...

read more
Early Withdrawals from Retirement Plans

Early Withdrawals from Retirement Plans

Many people find themselves in situations where they need to withdraw money from their retirement plan earlier than planned. Doing so, however, can trigger an additional tax on top of any income tax taxpayers may have to pay. Here are five things taxpayers should know...

read more
Federal Tax Obligations During Chapter 13 Bankruptcy

Federal Tax Obligations During Chapter 13 Bankruptcy

The most common type of bankruptcy for individuals is Chapter 13, which allows individuals and small business owners in financial difficulty to repay their creditors. Often, it is a last resort for wage earners (individuals and those filing jointly as spouses), the...

read more
Closing a Business for Good

Closing a Business for Good

If you're a small business owner who is thinking about closing your business for good, you should be aware that there is more to closing a business than laying off employees, selling office furniture, and closing the doors - you must also take certain actions as...

read more
Tax Deductions for Homeowners

Tax Deductions for Homeowners

For many people buying a home - whether it's a fixer-upper in an up and coming neighborhood or that custom home you’ve always dreamed of - is a milestone event. While there is often a steep learning curve associated with buying and owning a home, there are also some...

read more
Business-related Travel Deductions

Business-related Travel Deductions

Business travel deductions are available when employees travel away from their tax home or principal place of work for business reasons. With inflation on the rise, business travel is more costly than ever. Hotel bills, airfare or train tickets, cab fares, and public...

read more
Lending Money to a Friend? It Pays To Plan Ahead

Lending Money to a Friend? It Pays To Plan Ahead

Lending money to a cash-strapped friend or family member is a noble and generous offer that just might make a difference. But before you hand over the cash, you need to plan ahead to avoid tax complications for yourself down the road. Take a look at this example:...

read more
Use These Strategies To Pass on Wealth to Heirs

Use These Strategies To Pass on Wealth to Heirs

Individuals with significant assets should take advantage of proven tax strategies such as gifting and direct payments to educational institutions to transfer wealth to heirs tax-free and minimize estate taxes. Rising inflation, a volatile stock market, and relatively...

read more
 
[si-contact-form form='1']

Pin It on Pinterest

Hi, this is Denise...

Please share this page with your friends!