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Toledo Tax Law Blog

When is a written acknowledgment required to deduct a charitable gift?

There are many types of charitable giving a person may do over the course of the year. Among the issues that can come up in connection to such gifts are tax issues. This is because, under U.S. tax law, taxpayers can claim deductions for their donations to charity.

Now, there are various requirements for making such deductions. When a person plans to claim deductions in connection to their charitable giving, it is very important for them to stay in compliance with these requirements. This includes those related to paperwork.

The estate planning oversight many successful entrepreneurs might be making

Generally, when an entrepreneur is starting a new business, one of their big hopes is that their business will be a big success. When this hope is realized, one thing it can be important for a business owner to give careful thought to is the future. This includes what will happen after they are gone.

One of the things an entrepreneur may hope that their business being successful will help them with is being able to support their family and other loved ones far into the future. What will happen with the monetary gains from their successful business when they pass away and to what degree such gains are turned towards this goal can heavily depend on what an entrepreneur does regarding estate planning.

Why Oct. 16 is an important date for some taxpayers this year

The main federal income tax filing deadline here in the U.S. is in mid-April. However, spring doesn’t have a monopoly on important tax filing dates. Fall sees such a key deadline, the filing deadline for those who received an extension.

Sometimes, circumstances make it so a person is unable to submit their tax returns by the standard mid-April filing date. When a person suspects that their tax filing won’t be ready by that time, they can request a six-month extension. As a note, this extension just applies to the filing of taxes, not the paying of taxes. This year, the filing deadline for those who received such an extension is Oct. 16.

Will for-profit fantasy sports be formally legalized in Ohio?

Fantasy sports have become an incredibly popular thing in recent years. In the midst of the growing popularity of fantasy, various fantasy-sports-related businesses have popped up. This includes businesses offering pay-to-play fantasy sports.

Now, pay-to-play fantasy sports providers can be in something of a complicated legal situation here in America. This is because pay-to-play fantasy sports can be in a gray area legally.

All tax preparers are not created equal

Preparing tax returns is not a job many look forward to. Tax laws change frequently – often annually – and you may not have the time or the desire to learn how those laws affect your particular circumstances. For this reason, you may be like many others in Ohio who have someone else prepare your tax returns. Sometimes, this person is a friend or relative, and other times, you may enlist the services of a professional preparer.

While you may relinquish the preparation of your taxes to someone else, this may not relieve you of any consequences or penalties that arise from a poorly or illegally prepared form. Carefully vetting the person you tap to fulfill this important duty is essential if you are to avoid falling prey to scam artists.

Tax budgeting could help businesses with cutting costs

Budgeting can play an important role for small businesses. This includes tax budgeting. As a recent NBC News article noted, budgeting out money to make sure a business has enough to cover its tax liability is among the things that could help a business owner with keeping their company’s costs down.

How can tax budgeting help with cost-cutting? Well it could help a company with avoiding a situation of getting caught without enough money to pay its tax bills on time. Being late on taxes can expose a business to additional costs. This includes interest and penalties.

Becoming single can have significant financial implications

When a person is married, their spouse, along with being a big part of their personal life, also plays a big role in their financial life. Among the situations in which this can have major impacts is when a person suddenly becomes single through either a divorce or a death of their spouse. It makes it so, in addition to potentially being a very emotionally tough situation, becoming single can also be a financially challenging event for a married individual.

This is underscored by a recent Key Private Bank report. The report came up with a list of the top financial challenges that come before female clients. Death or divorce made this list.

Getting married? Don’t forget about tax issues

When going through big changes in one’s life, it can be important to be mindful of the tax considerations related to those changes. Big life changes come in many varieties. One such change is getting married.

What tax issues are connected to tying the knot?

More and more business startup steps can be done online

The list of things individuals can do online has grown to be quite large. It includes a good number of tasks involved in starting a business. Here in Ohio, among the things a startup owner can do on the internet is submit their filings for starting their business to the state.

Several years ago, such filings could only be done through the mail. Since then, Ohio has made it so they can be done completely online. The aim of this change was to allow entrepreneurs a faster and easier way to do such filings.

What happens if I fall behind on my property tax?

Although it comes at the same time twice a year, your property tax bill likely surprises you. Like countless others in Ohio, that often unplanned-for expense will either wreck your budget or go to the back burner where you will deal with it later. However, later may not come until the next tax bill arrives, further complicating your financial situation.

Letting bills go unpaid always has damaging consequences, but property taxes have an urgency that the government expects you to acknowledge. Failing to pay your taxes on time may mean interest and penalties added to an already high bill. Neglecting to pay altogether can bring devastating results.

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