Real estate transactions are biggest financial deals that many of us ever engage in. At the heart of that deal is transferring the title from the seller to the buyer, so it is absolutely critical that property owners and buyers make sure that the title is clean or clear.
IRS will not penalize miscalculations that come close
The 2019 tax season is going to be one of the most confusing and frustrating in memory. The combination of using the new guidelines set out in 2017’s Tax Cuts and Jobs Act as well as the government shutdown impacting all non-essential workers in the Treasury Department will certainly add new challenges to an already difficult process of filing taxes.
Sears sells off remaining assets
The epic saga of Sears has entered a new and possibly final chapter. The 132-year-old retail chain that filed Chapter 11 bankruptcy in October of 2018 has received a $5.2 billion offer for the last 450 retail stores as well as all other remaining assets. The offer was made by Eddie Lampert and his ESL hedge fund, which took over Sears in 2013. The offer will need approval in the courts on February 1. The deal would then be closed on February 8.
Small businesses looking for answers on new tax law
Countless small business owners will be looking for answers revolving around the Tax Cuts and Jobs Act that need to be addressing during the 2019 tax season. Many are trying to determine if they legally qualify for a 20 percent exception of their income. Despite the fact that the IRS issued guidelines for how the complex new law applies, many still have questions and are getting conflicting advice.
Tax season starts in February. Watch out for scams
It's a new year, and that means that tax season is around the corner. Like many other Toledo residents, you may be starting to gather your documents whether you want to get your taxes out of the way or file them at the deadline.
The advantages of generation skipping trusts
Sometimes it makes more sense to set up a generation skipping trust, particularly if the objective is to reduce the size of tax obligation among family members. This trust does this by directly placing assets with grandchildren and future generations rather than having them go through each successive generation, thus being taxed each time. According to a recent article, those who took advantage of a generation skipping trust saved between 18 and 40 percent on estate taxes, depending on the estate and how much was wealth was transferred.
