Financial planning is one of the most important (if not the most important) and concerning money topics that many folks share. How much should you have saved by a certain age? Should new parents start to save now for their newborn baby or is it ok to wait awhile? How much will you need in retirement for healthcare costs or everyday living?

This article appears in Crains Cleveland Business 

By Steven A. Dimengo and Richard B. Fry III 
Buckingham, Doolittle & Burroughs, LLC.

February 12, 2017 - Gov. Kasich’s quest to lower the Ohio personal income tax rate continues in his latest proposed biennium budget, even in the face of Ohio’s tax revenue falling short of estimates.

Each year, some taxpayers find themselves scrambling to find their income tax return paperwork, a year's worth of receipts, and ultimately becomes stressed in the attempt to file their tax return by April 18. Others know and understand that simply filing a tax extension can earn them time, reduce their stress, and possibly, incur a lower tax bill.

The benefits of trusts in managing one’s financial affairs, both during one’s life and after one’s death, are well documented and quite significant.  Among the trade-offs for their benefit are the complexity of their tax structure and the highly compressed tax brackets that apply to them.  In addition, it is important to note that estates are subject to most of the same tax treatment as trusts.

Traditionally, taxpayers have been able to deduct mortgage interest paid on mortgages of up to $1 million and Home Equity Lines of Credit of up to $100,000, for a total of $1.1 million in debt upon which mortgage interest paid can potentially be deductible.

These rules apply to both single and married filing joint taxpayers. Taxpayers married filing separate will see the qualifying debt limits reduced by half ($500,000 mortgage and $50,000 Home Equity Line of Credit).

There have been several situations in which taxpayers have struggled to find common ground with the IRS, including

If you’re a small business owner, time is running out to take advantage of some income tax reduction strategies before the end of the year.  As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year.  Factors that compound the planning challenge this year include overall economic uncertainty and Congress's customary failure to act on important tax breaks that will expire at the end of 2016. 

There are changes in due dates coming for many different business tax returns beginning in 2017, and many business owners are unaware of these changes.  What’s changing and how is it changing?

What you need to know about required minimum distributions.

As a business owner, you're entering into transactions potentially on a daily basis. Suppose you enter into a transaction with someone, hurrying to get the deal closed as you're set to rake it in. It comes around to December, and your accountant is preparing a projection of what your tax liability will likely be for the year.

Then you get a call that you're going to owe a boat load of money to the government for that transaction you failed to consult with your accountant about beforehand. What do you do now?