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Toledo Tax Law Blog

Rental property is a good investment in Toledo

The price of real estate is has gone up considerably in the last few years here in Toledo. This is good news for property owners, but there are still opportunities for those looking for investment properties such as rentals. In a market such as this, rental property is an excellent investment for several reasons:

Cash flow

Estate planning that involves blended families

Wills, trusts and estate plans come in all different shapes and sizes. Some will be straightforward because there is a single beneficiary, but these days estate plans will often need to consider children, stepchildren and a second (or third) wife. It can even get more tangled if there are multitudes of grandchildren as well.

We like to think that blended families will be as seamless as the family on the Brady Bunch, but it is likely that the dynamics will be more complicated than that. Perhaps the biological children do not get along or do not like a new stepmother, or perhaps the stepmother is considerably younger and likely will live nearly as long as your biological children.

Post-deadline tax law tips

This tax season has been one of the most complicated and confusing in recent memory. Of course, this is due to the implementation of the Tax Cuts and Jobs Act, which was signed at the end of 2017 but Americans who file annually only now crunched the numbers and filed a return for the first time under the new law.

The IRS has seemingly bent over backward in efforts to get folks on board with the new guidelines. This includes allowing a couple of expansions of the penalty waiver if taxpayers reach 80 percent of their estimated by the IRS to be the proper amount.

Handling the breach of a real estate contract

People and businesses generally expect the details of a contract to be honored once it is signed. Whether it is landlords or tenants, contractors or customers, construction companies or owners, the reason contracts are signed is to make sure that a party’s actions support a verbal agreement. However, this is not how it always goes in real life, which can mean that there is a breach of contract.

Resolving the dispute without court

Avoid these payroll tax mistakes

Whether you are looking to hire employees as you start your business or now need them since your business has grown, you take on certain responsibilities when you employ workers. You will need to ensure your workplace is free from discrimination and harassment, and you will need to ensure the safety of your workers.

You also take on financial responsibilities when you have employees. Payroll, benefits and taxes are the primary tasks you must address. One area where many business owners end up in trouble is with payroll taxes.

Determining the value of a business when selling

The biggest question when selling a business is trying to determine its value. Whereas a selling a home will be about the property, amenities and other things that can be compared to other listings, valuating a business can be more complex, and there is more than one approach to doing it.

Three common valuation methods

A quick list of last-minute tax tips

The clock is ticking, and April 15 is right around the corner. So we have provided this handy list of quick tips for helping taxpayers determine what they owe under the new Tax Cuts and Jobs Act. The new law means that there are many changes to how taxpayers crunch their numbers. Many are claiming that they will be paying more under the plan, but there are still opportunities to reduce one’s tax burden.

7 ways taxpayers can lower their obligations

Tom Petty's family fights over his estate

Millions of music fans mourned the loss of Tom Petty when he unexpectedly died in 2017. The Rock and Roll Hall of Famer left behind a sizable estate to his wife and two daughters that was set up as a trust. However, the wife of 16 years and grown daughters from a previous marriage are in dispute over the control and direction of the estate.

According to the Los Angeles Times, wife Dana Petty is listed as the directing trustee of the estate, but daughters Annakim Violette and Adria Petty claim that they are also supposed to have a hand in the decision-making process on matters involving the estate. Each side has filed suits with the Los Angeles County Superior Court.

IRS expands leniency on filing

The first tax year under 2017’s Tax Cuts and Job Creation Act has left a lot of taxpayers and tax professionals confused and frustrated. Now with the April 15 deadline just around the corner, the agency announced that it would again expand the threshold for penalties to 80 percent of the total tax liability to receive penalty relief. This is down from the January 16 announcement of an 85 percent threshold, which was down from the IRS’s usual amount of 90 percent of the total obligation if filers wished to avoid penalty.

According to IRS Commissioner Chuck Rettig in a statement about the new adjustment, this 80 percent window will be a one-time-only deal. They did this because there has been so much confusion regarding the new laws. He also added: “The expanded penalty waiver will help many taxpayers who didn’t have enough tax withheld. We continue to urge people to check their withholding again this year to make sure they are having the right amount of tax withheld for 2019.”

Do you have minor children? If so, you need an estate plan

When you became a parent, you probably reacted as most Ohio parents did -- you want to make sure you take care of your kids and protect them. Right now, this means seeing to their daily needs, planning for their future and more. You take your responsibilities to your children seriously and work hard to fulfill them.

However, what happens to your children if you pass away before they reach adulthood? You may not have given this much thought since you are young, or relatively young, and you have plenty of years ahead of you -- or do you? Accidents and illnesses can happen unexpectedly. Have you taken steps to make sure someone will care for your children if the worst happens?

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