The IRS has recently announced the 2012 HSA contribution limits:
On June 30, 2011, Ohio Governor John Kasich signed House Bill 153. This 3,262 page appropriations bill, among other things, eliminates the Ohio Estate Tax, beginning in 2013. The Ohio Estate Tax applies to a decedent’s property owned at the time of his or her death. Generally, there is a $338,333 exemption to this tax, with all assets owned by a decedent that exceed this amount being taxed by the Ohio Department of Taxation. For more information on House Bill 153, click here.
Many things can happen in the next year and half. Because of the uncertainties and changes in the law, it is important that your estate planning is up to date and flexible. One thing that can always be counted on in the tax world is that things do not remain the same for long.
Call (614) 888-4911 or visit http://www.kohlersmith.com today to set up an appointment to meet with a Kohler & Smith Co., LPA estate planning attorney. Whether you have never done any estate planning or if it has been a few years since your last updates, the attorneys at Kohler & Smith Co., LPA can help you and your family achieve your succession and tax planning goals.
The Internal Revenue Service has responded to the nationwide increase in gas prices by raising the mileage rate by 4.5 cents. Starting July 1, drivers will be able to deduct 55.5 cents per mile for the business-related travel they undertake in their private vehicle. Generally, the IRS announces increases in the fall; however, just as in 2008, high gas prices have led the IRS to increase the mileage rate in the middle of the year.
Along with business-related travel, the mileage rate for medical and moving expenses has increased to 23.5 cents per mile – an increase from the 19 cent deduction previously accorded to drivers. According to the Oil Price Information Service, gasoline consumed 9.5% of taxpayers’ median income in May of 2011, this is only slightly less than the 10.2% of consumers’ income gasoline consumed back in 2008.
Even if you haven’t deducted these costs in the past, many employers use the IRS mileage amount to determine how much to reimburse employees for their business related fuel costs.
The business mileage deduction is just one of many deductions available to taxpayers. Let the attorneys at Kohler & Smith Co., LPA help you and your family at tax time – call (614) 888-4911 today.
Three Ohio think tanks have been working together to recommend closing perceived “loopholes” in Ohio’s tax laws. It’s not odd that groups would work together to do this, what is odd is the three groups that are working together: the Buckeye Institute, the Greater Ohio Policy Center, and the Center for Community Solutions.
The groups will be recommending the elimination of 20 loopholes to the Ohio General Assembly. If adopted, the changes in Ohio tax law would eliminate approximately $600M in tax payouts. Among the “loopholes” are:
Just like the federal tax laws, Ohio tax laws are constantly changing. Contact the attorneys at Kohler & Smith Co., LPA for all of your tax planning and preparation needs.
Many people operate under the mistaken belief that assets held in joint accounts and assets held by their revocable living trust are safe from the claims of creditors. This errant belief could very well cause one’s assets to be attached or paid over to a creditor or to a plaintiff in a personal injury case.
By holding assets in a limited liability company (LLC) or other legal entity, an individual may be able to protect his or her assets from the reach of creditors, thereby protecting their family’s wealth. It is important to balance and allocate assets in a manner that provides both flexibility and protection. These issues are especially important for those who own real estate, doctors, attorneys, and other individuals who may be at risk of malpractice suits or other legal claims.
Call (614) 888-4911 or visit http://www.kohlersmith.com to see how the attorneys at Kohler & Smith Co., LPA can help you and your family protect your assets.
The new triennial property values are due out in July and Franklin County appears to be the first Ohio county to provide a mediation process to its property owners. New property values are due to be sent to homeowners in July and disputes of these values will begin being heard in the fall.
Mediation would include a neutral third party who would try to achieve some agreed upon valuation between the property owner and either the school district or appraisal staff. Final approval woulds still be required by the county, but the hope is that a consensus between the two parties can be reached. Franklin County Auditor, Clarence Mingo, hopes that the mediation program is a success. If the pilot program is found to be useful, Mingo hopes to use it the whole year for Board of Revision cases involving contested property valuations.
Kohler & Smith Co., LPA is available to help Ohio property owners get the correct valuation of their properties. Whether through mediation, the Board of Revision, or other means, the attorneys at Kohler & Smith Co., LPA are available to help serve their clients’ real estate needs. Call (614) 888-4911 today or visit us on the web at http://www.kohlersmith.com.
Congratulations to Shamus Cassidy and his wife on the newest addition to their family, Kayla Cassidy, born May 2, 2011. From all reports, Kayla is happy and healthy and we wish her and her family nothing but the best!
