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Toledo Tax Law Blog

New tax laws may mean changes in withholdings

You may remember filing your first 1040-EZ as a teenager with a part-time job. A few easy questions and you were finished except for waiting for your nice refund to arrive. Things are very different now as your life and your employment have become more complicated. Additionally, it seems like every year the tax laws change.

If you are confused about the new tax laws, you are not alone. Like many, you may be planning to wait until next filing season to read about the changes and learn how they affect the way you will file your taxes. However, if you wait, it may be too late to make important changes that could cost you money.

Keeping a great business idea from faltering

You’ve come up with a great business idea and you’ve made the decision to make this idea into a startup. What you do next matters greatly.

A great business idea alone is no guarantee that a startup will be successful. There are a variety of things that could cause a startup, no matter how good of a business idea it is based on, to stumble. It is important for aspiring entrepreneurs to be aware of these potential problem areas and what they can do to steer clear of them. In today’s post, we’ll discuss three things it can be important for individuals to take steps to avoid when starting a business.

Spotlight on our firm's client-first structure and philosophy

Admittedly, there are lots of law firms that dot Ohio's landscape. And like Mockensturm Ltd., some of them devote their primary attention to more than one practice area.

Often, though, and despite such similarity, it is the material differences between firms that are underscored for potential and actual clients who take a studied look at the underpinnings of a legal practice. What motivates its success? What centrally drives its employees?

Multigenerational home buying on the rise

It was recently reported in the New York Times that 64 million Americans live in multigenerational households, which is double the number it was 50 years ago. The reasons for doing this are many, including saving on the cost of care for the young and elderly and the rising cost of real estate. Of course, there is unique chance of the elderly and young to share time together, creating special memories that grandchildren will have for a lifetime.

There are, however, some matters that should be addressed before everyone moves in together. After all, roommate issues can apply to anyone living under the same roof, not just college buddies. There are also financial issues to consider as well. Here are some tips if you are considering this kind of arrangement.

3 issues that could lead to probate conflicts

After a loved one passes, you undoubtedly want to make sure that all of his or her final affairs are appropriately settled. If the decedent named you as executor of the estate, you will have many duties to attend to during the probate process. These duties also include handling any disputes or challenges to the will that may arise.

While you may have your fingers crossed that no issues will come about, you may not want to hold your breath. Even families that seemed to get along well enough can face a considerable amount of contention after a loved one's death. Therefore, you may want to prepare yourself for possible issues by recognizing what aspects could lead to strife.

Pass-through tax guidance delayed till end of month

Every tax-paying American knows that new tax laws were passed at the end of 2017. Now businesses defined as limited liability companies (LLC), partnerships and S corporations are reportedly going to be able to pay 20 percent less taxes through a special tax break for pass through businesses (these entities don't pay taxes at a corporate level, thus owners avoid taxing your business and then you again for personal income taxes), but the actual guidelines of how it will work have yet to be announced.

Officials will reveal the details at the end of July after initially promising them in June. July, however, may also be unlikely since any regulations will likely need to be reviewed by the White House’s Office of Management and Budget’s regulations office. According to Bloomberg, no one in the office has received a formal submission of draft regulations from Treasury, but there have been some information passed along.

Employers: update your cybersecurity training to avoid this scam.

If you work in a large corporation, you’ve probably undergone mandatory information security training every year since you started. Companies are becoming more and more aware of the myriad cybersecurity threats that could put their sensitive information—and the future of their business—at risk.

Management has probably trained you not to open emails from suspicious-looking senders, to avoid clicking links or downloading content from anyone you don’t trust and to never give your password to anyone.

IRS Recommends a paycheck checkup

Paying taxes is something we all do. While it is never fun to go through an entire year of pay stubs, receipts, bills and other financial paperwork, it is even worse when you have to do it and then unexpectedly pay a lot of money. The IRS has now sent a reminder to taxpayers to plan ahead with a “paycheck checkup” to avoid having to pay unexpected amounts again next year.

New tax law goes into effect

Tips for estate executors

Being the executor of an estate is challenging on a number of levels. Oftentimes, the executor is a family member grieving for the deceased, and part of the job is dealing with other family members who are going through their own grieving process. Needless to say, emotions can run high.

There is also the business side of the role as executor or personal representative. It can be a complicated with a well-organized estate plan, and an extremely difficult job if there are issues and disputes. Start to finish, it can take six months to a year or more. The key is to be patient. It is also helpful find an attorney with estate planning experience to guide you through the process if paperwork and finances are not your strength.

Worried about estate taxes? Consider an ILIT

You, like many other Ohio residents, likely have a life insurance policy. You may have taken out this policy to better ensure that your surviving family will have the financial means to carry on without you in the event of your demise. Taking such a proactive step could have many benefits.

You may want to remember, however, that the payout from a life insurance policy could impact the value of your overall estate. As a result, if the payout boosts the value enough, your remaining estate could face taxation, which means your surviving family may have less remaining assets than expected. Fortunately, you could take steps to protect the policy from taxation by utilizing a specific type of trust.

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