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Toledo Tax Law Blog

Getting divorced? Make sure you know the impacts on your taxes.

If you’re going through a divorce, you’ve probably got a lot on your plate. Between the property division, the alimony payments and the child custody issues, your taxes are probably the furthest thing from your mind.

However, it’s worth knowing that divorce can impact your taxes in positive ways. In this article, we provide three potential benefits you could stand to reap from your divorce:

Freelancers May Get A Tax New Break

Tax law’s new 20 percent pass-through deduction may provide a break to the estimated 40 million gig economy workers and freelancers in the U.S. who work as sole proprietorships and partnerships. However, before everyone who fits into this category starts celebrating, there are important issues that need to be considered:

The income threshold

What if my parent dies without an estate plan?

When you were a child, your parents took care of you, including planning for your future. Now, it is your turn to do that for your parents. This is not always an easy transition for adult children.

One of the most difficult aspect having elderly parents is addressing the fact that they will someday pass away. You and your parents will soon need to make an estate plan— a legal document that addresses how someone’s assets, property and possessions should be handled after their death. This is a difficult topic, but an important one.

What should I do if I missed the tax deadline?

Try as they might, many taxpayers do not make the tax deadline on time. The reasons can vary: A busy schedule, a family crisis or simply forgetfulness. No matter the excuse, every year many Americans fail to submit their returns by the date mandated by the Internal Revenue Service.

If you have missed the deadline, you are probably wondering what to do next. Your options have not run out—you may still able to file your taxes with minimal penalties. The IRS has released a statement identifying the next steps for taxpayers who missed the deadline. 

Believe it or not, some tax debt can be discharged in bankruptcy

If you are like many people here in Ohio and elsewhere, you live paycheck-to-paycheck. You may even have debts such as credit cards, auto loans and others that you struggle to pay each month. Then, when it comes time to do your taxes, you realize that you owe. Even though you may wait until the last minute to file your returns, you know there is no way you can pay your debt to the IRS.

Your budget is already stretched to the limit, and you may not even be able to pay off the IRS through an installment agreement or offer in compromise. You may begin considering bankruptcy, but most people will tell you that you can't discharge back taxes by filing for bankruptcy. In general, this may be true, but under certain circumstances, you may be able to eliminate at least some of your tax debt.

Why is the tax deadline on April 17 this year?

The past year brought many new changes regarding taxes. In winter of 2017, Congress passed the Tax Cuts and Jobs Act, which overhauls many aspects of the American tax code. Many taxpayers have had to adjust to the myriad changes in tax laws. Another change that American taxpayers have had to adjust to this year is the extended tax deadline of April 17.

On just about any other tax year, the deadline would be April 15. But this year, there are an extra two days tacked onto the usual date. Not that anyone is complaining—most taxpayers jump at having some extra time to complete their returns. But just why is the deadline different this year?

The simple tax mistakes that could delay your refund

With just one more week to file annual income taxes, many Americans are rushing to prepare their returns on time. Filing taxes at the last minute is hardly ideal, it is the choice that many busy taxpayers make. What many people don’t realize is that rushing through their taxes can lead to easy-to-avoid mistakes that could end up costing you.

While making innocent mistakes on your taxes is not usually a serious matter, it can lead to tedious bureaucratic red tape. One example? Making a mistake on your taxes could delay your much-anticipated refund. Read through our post to make sure that you avoid these mistakes and get your refund on time.

Beware these tax scams before filing in Ohio

The Ohio attorney general announced this week that there has been an increase in consumer reports of tax scams. There have been nearly 800 reports of tax scams reported to the Ohio Attorney General’s Help Center this year. With the tax-filing deadline only two weeks away, the Attorney General’s Office is ramping up its efforts to warn consumers of potential tax scams.

In this post, we’ll go over a few very important tips that you should know to avoid falling for such a scam.

Tax misconceptions that may cost you money

Do you remember what you were thinking about last March? Probably not--but whatever was on your mind, there is a good chance that it involved taxes. The filing deadline is approaching quickly, so you may still be thinking a lot about taxes.

And chances are, some of the things that you believe about taxes are actually incorrect. Misconceptions about taxes abound, largely because tax law is very complicated and taxes are an intimidating topic. Some of these misconceptions are harmless, but others can cost you dearly when it's time to collect your tax return.

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.

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