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September 2016 Archives

A cautionary tale with taxes

As a business owner, you likely have a great many matters you must deal with every day. Competing in a crowded and busy marketplace is a full-time job and how to market your business, hire and train your employees, attract new customers while keeping the ones you already have and maintaining your compliance will all of the legal and regulatory requirements that affect your business is no small feat.

IRS acquiesces to appeals court ruling on mortgage deduction

Taxes are often used for more than simply revenue generation. An example is the mortgage tax credit, used to encourage homeownership. To the benefit of millions of taxpayers in Ohio, taxpayers can deduct the interest payment on their home mortgages from their income tax filing. With many people paying thousands per month on their mortgages, receiving that deduction off their taxes can make April 15 every year seem like less of a depressing day.

Didn’t someone pay the taxes?

It happens rather frequently. A well-known entertainer or celebrity makes headlines because they have been hit with a massive tax lien for delinquent taxes. Many may wonder how this could happen. They appear to be making many times the income of an ordinary worker, how could they, like the musician Nelly, suddenly find themselves facing a $2.4 million tax lien?

IRS made one tax mistake somewhat less expensive

Tax law is a very complex area of the law. The vast size of the Internal Revenue Code and is myriad regulations and case law interpreting that material makes it difficult for anyone to easily grasp the material. However, some tax laws are not that complex but make up for their ease of understanding by being just as easy to violate.

Don't gamble with your taxes

There are many ways to gamble in Ohio. There are major casinos throughout Ohio, including Toledo. There is the Ohio Lottery, and there are a variety of other opportunities, from poker tournaments to bingo games. Most people who gamble see it as an entertainment expense, akin to going to the movies or a football game. If you do win, you may be exultant at your good fortune. But don't forget the taxman in your excitement.

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