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Toledo Tax Law Blog

Don’t want to itemize? You can still claim these deductions

Taxpayers have the option of claiming the standard deduction or itemizing their deductions. Itemizing can mean a bigger tax refund, but it is also a very detailed process that can be a pain in the neck to complete. With the filing deadline just a month away, you are probably wondering which method is best for you.

Fortunately, there is one option that uses the best of both worlds. There are a few deductions that taxpayers can claim, even if they choose not to itemize their taxes. This means that you can benefit from these deductions without going through the hassle of calculating your expenses.

Have you missed out on filing your taxes for a few years?

From business professionals to individuals in low-paying jobs, taxes can seem like a burden. In addition to having money withheld from paychecks in order to go toward taxes, following the steps to actually file the proper tax forms during this time of year can seem like an even greater inconvenience. If you do not fully understand the right way to go about filing your taxes, you may feel less inclined to go through the process.

For whatever reason, you may not have filed your taxes for a few years. Now, you know you need to address your situation, but you may feel hesitant to do so out of fear of the possible consequences. Taxes are one of those certain events that anyone with an income must deal with, and filing after a few years can prove more beneficial than continuing to ignore your obligations.

Pointers for preparing your business taxes

As a business owner, you know just how exhausting the tax season can be. Not only are you responsible for your private, individual tax returns, you must also worry about filing taxes for your business. This is no mean feat. In fact, the National Small Business Association estimates that half of small businesses in the United States spend over 40 hours a year on their taxes.

That is precious time that you could be using to expand your company. Still, there is no way to avoid the annual chore of filing taxes. Fortunately, there are a few pointers that can help make the process run smoothly.

Use these 3 strategies to reduce your 2017 taxes

The deadline for tax season is just over a month away. If you are preparing your taxes, you are probably trying to think of the best ways to cut down on the amount that you owe the IRS. You’re not the only one: According to a recent survey from the American Institute of Certified Public Accountants, 63 percent of affluent taxpayers are looking for ways to adjust their financial planning strategies.

How you file your taxes can play a major impact on your finances for the year to come. These are three strategies that you may wish to use to reduce your taxes from 2017.

Study shows that 6 percent of Americans cheat on their taxes

If you were to hazard a guess, do you think that Americans are less likely to cheat on their diets, academic tests, romantic partners or taxes?

The answer may surprise you--a recent study has shown that Americans are far less likely to cheat on their tax returns than they are on any of the other options.

State of Ohio can proceed with tax collection plan

On Wednesday, the class-action lawsuit that was brought by several Ohio municipalities challenging the state’s ability to collect local taxes has been struck down by a Franklin County judge. The lawsuit, filed by over 100 municipalities, challenged a recent law passed by Gov. John Kashich that grants the State of Ohio the power to collect local business tax. The judge’s ruling is a victory for businesses and the conservative state Congress. For Ohio municipalities, it is a significant blow.

Before 2017, business owners had to file their business taxes with the municipality that was home to their business. Last year, Gov. Kashich’s two-year budget plan, House Bill 49, included a provision that allowed business owners to file their taxes directly with the Ohio Department of Taxation rather than the municipality in which they operate. The state claims that this will streamline the process of filing business taxes, which is often a time-consuming and expensive endeavor.

Planning your estate? Use these tips to avoid the probate process

Probate is the process in which a court oversees the distribution of your property after you are deceased. During probate, any of your outstanding debts will be addressed and your assets will be distributed according to your will.

The probate process for your estate is not something that you will have to worry about—after all, you’ll be dead. But because probate can be a lengthy, tedious and costly process, many people wish to spare their family members from the probate process. If you are planning your estate, these are a few things that you can incorporate to circumvent probate.

Tips for a peaceful tax season

For the next couple months, you will likely be seeing people standing on street corners with signs advertising tax services and countless TV ads for tax preparers promising fast refunds. There will be kiosks set up in malls and departments stores with tax preparers on the spot. Maybe you are like one-third of all Americans who take the task upon themselves and prepare their own taxes.

Whether you dive right in as soon as you get your W-2s or you procrastinate until the day before they are due, you know you have to set aside hours to learn any new applicable laws, gather your information and calculate what you owe. You may use tax software, some other digital method or the old-fashioned paper forms.  Whichever way you choose to file your tax return, there are some important things to remember.

Which business expenses are tax deductible?

The costs of running a small business can add up quickly. One of the upsides of being a small business owner is the ability to deduct several business expenses from your federal taxes. This can relieve part of the financial burden of owning a small business.

Now that tax season has kicked off, many business owners are likely preparing their taxes and wondering which business expenses they can deduct. Some expenses only count as partial deductions, but others can be deducted dollar for dollar. 

10 important things to know about the new tax law, part 2

Now that tax season has begun, it is more important than ever to understand the relevant points of the recently-passed tax overhaul. Last week, our blog examined five significant piece of information from the new tax reform. This week, we will conclude our examination by discussing five more changes to the tax code that you should know about.

6. Child tax credit doubles

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