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

What Is the Net Investment Income Tax?

What Is the Net Investment Income Tax?

While the Net Investment Income Tax (NIIT) tends to affect wealthier individuals most often, in certain circumstances, it can also affect moderate-income taxpayers whose income increases significantly in a given tax year. Here's what you need to know. What is the Net...

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Expat Compliance With US Tax Filing Obligations

Expat Compliance With US Tax Filing Obligations

Taxpayers who relinquish citizenship without complying with their U.S. tax obligations are subject to the significant tax consequences of the U.S. expatriation tax regime. If you're an expat who has relinquished - or intends to relinquish - your U.S. citizenship but...

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Employee Relocation: What Happens to Your Home?

Employee Relocation: What Happens to Your Home?

Business owners, as well as employees, often have questions about what to do with an employee's home - and what the tax consequences might be - when he or she is moved to a new job location. Here are some answers. Employees Most employers want to protect the employee...

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What are Estimated Tax Payments?

What are Estimated Tax Payments?

Estimated tax is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, alimony, and rent and gains from the sale of assets, prizes, and awards. You also may have to pay an estimated tax...

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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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