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Toledo Tax Law Blog

Change your will when big life events occur

One of the first documents that any person getting their estate plan together should draft is a will. Your will dictates so much in your estate that without one, it is very easy for your loved ones and beneficiaries to become entangled in complicated litigation over your assets when you pass away. Without a will, you die "intestate," and that means state laws and basic probate will apply to your estate. Your wishes and provisions (spoken or not) will go unheeded.

But once you have a will, you can't just sit back and relax. Having a will is just the first step. Over the years you will need to update your will, for a variety of different reasons. Today, we want to look at some of the events that can cause a grantor to revise his or her will:

Tax planning: Not just for tax season

All kinds of critical tax issues can come up for a person during tax season. However, that season does not have a monopoly on such issues. There are plenty of significant tax issues that the months outside of tax season can see.

For example, a recent article on the website of USA Today went over some of the important tax decisions that can come up for taxpayers around the mid-year point. These include decisions related to:

Your options when tax debt weighs you down

You are not alone if you dread tax day. Now that it has come and gone, you may be like many in Ohio and across the country who are left with a tax bill. You may even find that this year, like the last few, just added one tax debt on top of another.

If tax bills are burdening you, chances are you have other debt you struggle to pay each month. You may be wondering if bankruptcy will provide relief in your situation. It may surprise you to learn that bankruptcy can discharge some tax debt.

Some Ohio taxpayers reporting getting old tax bills

Facing a large state tax bill can be an intimidating situation for an Ohio taxpayer. Such tax bills could expose a person to various collection tactics, and responding to such a bill can pose challenges. Certain things could make such a situation even more complicated. One is if the bill is in relation to a very old tax debt.

One thing that can be challenging about dealing with a tax bill related to an alleged state tax debt from a long time ago is that there may not be a lot of evidence left around regarding how the alleged debt initially came about. This could make proving one’s arguments difficult if one is trying to challenge the validity of the debt or some other aspect of the debt.

Preventing family arguments through a living will

End-of-life care situations can become a very uncertain and confusing situation for a family. One thing a person can do to try to keep things as clear as possible in the event key end-of-life decisions come up for them is have a living will.

A living will is a document that sets out what a person wants to have happen regarding their end-of-life care. Such a document becomes controlling in the event that a person loses the ability to make care decisions.

Application preparation important when pursuing tax-exempt status

One tax benefit an organization might pursue is being granted 501(c)(3) tax-exempt status. Examples of groups that may qualify for this status include: charities, religious groups, scientific groups and education groups.

Whether a group holds this status can impact it deeply. So, among the things that can be frustrating and problematic for leaders of an organization that is seeking this status are delays in the processing and consideration of their application.

When a public relations crisis strikes a small business

Among the things that can fill a small business owner with dread is a public relations crisis. There are many things that could lead to a small business facing such a crisis. This doesn’t just include missteps by a company, but also things out of company’s control.

However a PR disaster comes about, how a business responds to it matters considerably. Such crises can be particularly tough on small businesses. Among the things a major PR problem can do is harm a company’s reputation, which could drive customers away. A significant loss of customers, even for a short period of time, can subject a business to a big financial hit. Small businesses often don’t have much of a financial cushion available to help weather such a hit.

The benefits of estate planning for singles without kids

If you are never married, you are among a growing sector of the population. The latest research shows that about 20 percent of adults have not tied the knot, and the number of women without children has also risen.

Although the single life may or may not have been your choice, some choices are still in your hands. For example, while many may think estate planning is for people who have families to inherit their heirlooms, having a will or trust may be even more important for you and other single adults.

States vary in their sales tax treatment of the sharing economy

Businesses can be heavily impacted by a wide range of tax laws and policies. This includes the sales tax laws and policies of the states that they operate in. States vary greatly in their sales tax rules. This includes in their rules regarding how their sales tax applies to the sharing economy.

The sharing economy, which includes things like ride-sharing and room-sharing, has introduced brand new classes of transactions to the market. These new transactions raise some unique questions regarding sales tax applicability.

When an Ohio company is subjected to a sales tax audit

For Ohio business owners, there are a variety of situations that can be very alarming ones. Among these is their company receiving an Audit Commencement Letter. This can mean that the state’s Department of Taxation will be performing a sales tax audit on their company.

Laws and regulations related to the state sales tax are among the many rules that Ohio businesses are to comply with. A sales tax audit looks into whether a company complied with these rules and paid the state the amount of sales tax that it should have.

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