Kevin Urtz is a new associate attorney with Mockensturm, Ltd., and he primarily practices in the areas of family law, employment law, and general litigation. Kevin grew up in Western Pennsylvania and went to college outside of Pittsburgh, PA. He is an avid sports fan and played baseball throughout college. After graduating with his Bachelor's degree, he took a year off from school and worked construction before attending law school at the University of Akron. Kevin graduated from the University of Akron in 2016, after which point he began working as an associate attorney for the Akron/Cleveland area law firm where he had been clerking during law school. He represented clients throughout Northeast Ohio in employment, personal injury, domestic relations, and general litigation matters, before moving to the Toledo area and joining Mockensturm Ltd.
If you are like many people here in Ohio and elsewhere, you live paycheck-to-paycheck. You may even have debts such as credit cards, auto loans and others that you struggle to pay each month. Then, when it comes time to do your taxes, you realize that you owe. Even though you may wait until the last minute to file your returns, you know there is no way you can pay your debt to the IRS.
From business professionals to individuals in low-paying jobs, taxes can seem like a burden. In addition to having money withheld from paychecks in order to go toward taxes, following the steps to actually file the proper tax forms during this time of year can seem like an even greater inconvenience. If you do not fully understand the right way to go about filing your taxes, you may feel less inclined to go through the process.
For the next couple months, you will likely be seeing people standing on street corners with signs advertising tax services and countless TV ads for tax preparers promising fast refunds. There will be kiosks set up in malls and departments stores with tax preparers on the spot. Maybe you are like one-third of all Americans who take the task upon themselves and prepare their own taxes.
You wake up in the middle of the night thinking about your overdue taxes or other debt. You have maxed out your credit cards to pay medical bills or simply keep groceries in the house. You have borrowed from friends or family to stave off creditors like the IRS. You and your spouse argue constantly about money. Does this sound like you?
Do you have a family-owned business? Have you given some thought to what will happen to your business once you retire? Do you have a succession plan in place should you no longer be able to handle the day-to-day affairs of your company due to incapacity or premature death? Is it written down? Did you discuss each of the steps of the plan with your proposed successor(s)?
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.
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.
Preparing tax returns is not a job many look forward to. Tax laws change frequently - often annually - and you may not have the time or the desire to learn how those laws affect your particular circumstances. For this reason, you may be like many others in Ohio who have someone else prepare your tax returns. Sometimes, this person is a friend or relative, and other times, you may enlist the services of a professional preparer.
Each week, your employees fill out time sheets, punch the clock or log in to record the hours they work. You or someone you hired keeps track of those hours, calculates the pay for each employee and issues a weekly check or deposit for the total amount, minus payroll taxes. The person responsible for managing payroll then submits the payroll taxes to the Internal Revenue Service. At least, that's what is supposed to happen.