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Toledo Tax Law Blog

The top 3 benefits of revocable living trusts

A revocable living trust can be a useful tool in estate planning. Many people make the mistake of assuming that these trusts are only for the very wealthy, but that couldn’t be more false.

People who choose to make revocable living trusts usually do so in order to skip the probate process, avoid guardianship or conservatorship and keep the details of their estate private. When planning your estate, you may find that a living revocable trust offers many advantages. Three of the biggest include:

End-of-the-year tax tips that you should know

With the cold Ohio winter upon us, spring may be the last thing on your mind. Before you know it, though, spring—and tax season—will be here.

That’s why it's best to start thinking now about how you can minimize your tax payments. With the end of the year approaching, you should consider a few tips for how you can minimize your taxes before next April’s deadline.

Cities dispute Ohio’s power over local taxes

Governor John Kashich’s two-year budget plan, which allows business owners to file taxes with the state of Ohio rather than their city of residence, is being challenged by a group of Ohio municipalities. Over 100 towns and cities are filing suit in an attempt to block several of the budget bill’s tax provisions.

The coalition of municipalities argues that the House Bill 49 violates the Home Rule Amendment of the Ohio State Constitution. The amendment prohibits the state from overriding the powers of local governments such as towns, cities and villages.

What to know about AB trusts and estate taxes

Let’s say that you have set up a will in order to distribute your assets after you pass away. You decide that part of your estate will go to your spouse. After all, bequeathing assets and property to a spouse is an excellent way to care for them.

Still, if your estate is subject to estate taxes, they could seriously deplete the assets meant for your loved one. Every penny of your estate that goes to taxes is a penny that your spouse can’t use. If this is a concern for you, then you may be interested in an AB trust. In this post, we'll discuss AB trusts and the role they play in minimizing your estate taxes. 

Wrapping up the tax year for your small business

Owning a business demands a lot of your time. You more than likely put a great deal of your time and effort into making it a success. Part of the time and effort you put into your business involves a plethora of paperwork. Depending on the nature of your business, certain state and federal agencies require you to submit certain documentation for a variety of reasons.

One thing that nearly every business has in common is the requirements of the IRS. Even though you may not file your federal tax returns until next April, preparation often starts early. As the year draws to a close, you may need to take certain steps to help ensure that your tax season goes well. Now may be the best time to begin preparing.

Follow these 9 tips to reduce estate taxes

The old saying is true: The only two certain things in life are death and taxes. Even after you are deceased, you technically still owe the previous year's income tax. There is also one more kind of tax that you must pay after your death: The estate tax.

The estate tax is a certain type of tax that is incurred by your estate after you pass away. It can include all of your assets, property and real estate. Taxes may be one of life’s certainties, but there are steps that you can take to reduce your estate tax as much as possible.

Marriage and divorce in the GOP tax bill

Marriage and divorce are two of the bigger things that can happen in a person’s relationship life. They can also be big events when it comes to a person’s taxes. Getting married or divorced can have major impacts on the rules, challenges and opportunities that are present for a person when it comes to taxes. So, when either of these big events occurs in a person’s life, among the things they may want to seek legal guidance on is what the event means for them when it comes to their tax planning needs.

Now, among the changes the tax bill that House Republicans have recently proposed would make to federal tax law are changes in the rules connected to marriage and divorce.

Starting a tech startup away from major tech hubs

There are certain areas in the U.S. that are well-known for being tech hubs, such as Silicon Valley. However, a person doesn’t have to set up camp in one of these hubs to start a new tech business.

In fact, choosing to locate in a city not widely considered a major tech hub could have advantages for an entrepreneur looking to get a tech startup off the ground. For one, being away from the big and developed tech competitors that tech hubs tend to have could give a new tech business more room to grow and stand out. Also, smaller and less tech-identified cities can have many things a small startup may find helpful when launching, including shorter commutes for owners and workers, affordable office rents and unique sources for talent.

Might freelancing be the main way Americans work in the future?

It appears that America is seeing a big shift in the way people work.

When people think about earning a living, the main thing that may come to mind is holding a traditional job. However, there are other options out there. Among them is freelancing. A recent report suggests that freelancing has become pretty common among American workers lately.

Can Chapter 7 bankruptcy help with tax debt? It depends

As a general rule, you cannot discharge your general debts in bankruptcy. However, under certain circumstances, this debt relief option may eliminate at least some of your tax obligations.

The odds of discharging this type of debt are not as high in a Chapter 13 as they are in a Chapter 7. So, what tax debt can you discharge and which can you not?

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