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Toledo Tax Law Blog

Estimated tax mistakes can lead to tax penalties

There are many things individuals might be worried about when it comes to taxes. One is that they might accidentally subject themselves to tax penalties. There are a range of tax mistakes that could expose a person to such penalties. These penalties can have significant financial ramifications for a person.

So, guidance on how to avoid such mistakes is something a taxpayer may strongly desire. This is among the types of guidance skilled tax attorneys can provide individuals when it comes to tax planning.

Things to watch out for in ecommerce efforts

Ecommerce has come to be an important revenue stream for a wide range of companies. Many things can affect what impacts a company’s ecommerce operations end up having on the company’s overall financial state.

One is how the business conducts such operations. Certain mistakes could make customers much less likely to buy from a company’s online store or to be a repeat online customer of the company. This, in turn, could significantly curtail the revenue potential ecommerce has for a company.

Delinquent payroll taxes mean tough penalties

Each week, your employees fill out time sheets, punch the clock or log in to record the hours they work. You or someone you hired keeps track of those hours, calculates the pay for each employee and issues a weekly check or deposit for the total amount, minus payroll taxes. The person responsible for managing payroll then submits the payroll taxes to the Internal Revenue Service. At least, that's what is supposed to happen.

Failing to give the IRS the payroll taxes your company has withheld from employees is one of the most serious violations of tax law in the government's eyes. In fact, if the IRS determines that you are responsible for the violation, they have the authority to fine you 100 percent of the taxes owed. Such fines could seriously jeopardize your business.

Special tax considerations for flipping houses

In today’s world, there are a lot of ways out there for trying to make some extra money. One of these is flipping houses. This involves a person buying a fixer-up house, performing repair and renovation work on it and then trying to sell it for a profit.

There are many things a person should make sure to be aware of when engaging in activities to bring in some extra income. One is whether the activities they are engaging in raise any special tax issues.

The critical role estate planning can play for unmarried couples

Some long-term couples here in Ohio opt never to get married. Now, just as is the case for members of a married couple, individuals who are part of an unmarried couple may care very much about what rights and protections their partner would have in the event that tragedy strikes. Unmarried individuals can use estate planning to set out such rights and protections for their partner. This can be especially important for unmarried couples, as they lack some of the automatic legal protections provided to married couples.

One situation in which what estate planning a member of an unmarried couple has done can be very impactful is when they pass away. A person may care greatly about what sort of financial situation their partner would be left in if they were to die. Many things can impact this, including what they put in any wills/trusts they formed, what sort of planning they did related to the home the couple lived in and what they did in their beneficiary designations on things such as insurance policies.

Sales tax holiday just around the corner here in Ohio

There are certain things it can be very important for consumers to pay attention to when it comes to sales taxes. This includes what sales tax holidays they might be able to take advantage of.

Such holidays are periods when certain products normally subject to a sales tax are exempt from this tax. This year, there are 16 states that have sales tax holidays. Ohio is among these states. Ohio’s sales tax holiday for this year is just around the corner. It will be happening August 4-6.

The benefits of having a business partner

From the time you were a child, you have learned the value of teamwork. Teachers may have paired you up for projects, and coaches taught you to work together for a victory. Later, you discovered that sharing the burden of a task made the work go faster, more efficiently and often more enjoyably.

Now that you have a solid idea for your new business taking on a partner may seem a natural step. However, you have likely heard stories of partnerships that were disasters. This is certainly something you want to avoid.

Ohio near the middle for startup friendliness

There are various things it can be crucial for a person to be aware of when starting a business. Among these are what legal matters they need to address related to starting their company. Letting important startup legal matters slip through the cracks could not only cause problems for a business owner during the startup phase, but could also lead to significant problems related to their business further down the line. Business law attorneys can help startup owners with staying informed of what legal matters there are to address related to getting their business started.

Another thing it can be important for a business owner to have a good picture of when getting a startup off the ground is what the conditions for startups are like in the place they will be locating their new business. Being aware of these conditions could help a business owner better understand what kinds of opportunities and difficulties are likely to be present for their business as it is starting up. This could give a business owner a chance to prepare for responding to such challenges and opportunities.

What is the gift tax?

There are certain federal taxes beyond income taxes that a person could potentially be exposed to. One of these is the gift tax.

The federal gift tax is a tax on qualifying gifts a person gives to another above a certain amount in a given year. The tax is on the person giving the gifts. Under current exclusion levels, a person can give up to $14,000 a year, per recipient, without triggering gift tax liability. Also, there are certain types of gifts (such as certain gifts related to education expenses) that receive a special exemption and are not counted against a person’s yearly limit.

Report: Venture capital funding up in Ohio

There are various specifics about the geographic area a business is starting up in that can have significant implications for the company during the startup process.

One is what business-related laws are present in the area. Such laws can impact what compliance issues are present for the new business. They can also impact what specific decisions come up for the business as it is starting up. So, being aware of what state and local business laws apply to their company can be very important for a business owner when they are in the startup process. Ohio business attorneys can give startup owners in the state guidance in this regard.

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