Receiving a collection letter from the IRS can unsettle anyone. The Internal Revenue Service has a reputation that often inspires anxiety, but understanding how to respond can ease your worries. Here are some steps to consider after receiving such a letter. You can handle the situation effectively and minimize potential stress with the right approach. Verify the authenticity of the… The post What to do if you receive a collection letter from the IRS first appeared on Mockensturm, Ltd ..read more

Just like constructing a solid building, resolving tax challenges requires the right blueprint and a clear plan of action. Whether you are managing a construction company or running a growing business, getting past-due Form 941 filings back on track is crucial for your company’s foundation. Understanding what is at stake Form 941 is not just another tax form. It is… The post Resolving past-due Form 941 returns: A business owner’s guide to recovery first appeared on Mockensturm, Ltd ..read more

Receiving a letter from the IRS, especially an audit notice, can trigger anxiety for any taxpayer. While an audit doesn’t necessarily imply wrongdoing, it does mean the IRS is taking a closer look at your tax return to verify its accuracy. Understanding the audit process and knowing your rights is crucial to ensure a smooth and fair resolution. In Kentucky,… The post Decoding the audit notice: A guide to IRS audits in Kentucky first appeared on Mockensturm, Ltd ..read more

Owing money can feel overwhelming, especially when the entity you owe money to is the government. Luckily, government agencies understand that people have expenses and may need a little help paying their past due taxes, offering various solutions in the form of payment plans. Do not evade the IRS One of the most important things clients must know is that… The post Can I use an installment plan to pay back past due taxes? first appeared on Mockensturm, Ltd ..read more

Before starting a new business, you should understand your future tax responsibilities. This can help you avoid complications and run a smooth operation. Every decision matters, but selecting a business structure that fits your needs is crucial. It will determine the taxes, liability and legal nuances of your business. Choosing a proper business structure The first step to understanding your… The post Understanding taxes for small businesses first appeared on Mockensturm, Ltd ..read more

Investing in real estate in Ohio can be a lucrative venture with hard work and careful planning. An unfortunate number of those new to real estate investing fail to take tax considerations into account, leading to unnecessary and often preventable losses. Here are some practical tax reduction tips tailored for real estate investors. Utilize depreciation Depreciation allows you to deduct… The post Tax reduction guidance for Ohio real estate investors first appeared on Mockensturm, Ltd ..read more

Estate planning often focuses on reducing the value of the estate, which can lower the tax burden. For instance, federal inheritance taxes may only apply at a certain level. Using a trust to reduce the value of the estate can get it under that level so that the bulk of the estate goes to the beneficiaries.  But there are other… The post Who pays final taxes on your estate?  first appeared on Mockensturm, Ltd ..read more

Financial emergencies can arise unexpectedly, forcing many to consider tapping into their retirement savings. Two common options are 401(k) loans and hardship withdrawals. While both provide access to your retirement funds, they have distinct implications for your financial future. Understanding the differences between these options is crucial to making informed decisions. Life often throws curveballs in the form of unexpected… The post 401(k) loans vs. Hardship withdrawals: Understanding the differences first appeared on Mockensturm, Ltd ..read more

Your estate plan should be crafted to best reflect your intentions and give your beneficiaries as many tax breaks as are legally possible for them. While they will not be the appropriate estate-planning vehicle for everyone’s needs, many trust grantors find that a well-designed trust marks off all the boxes on their checklist. An irrevocable trust is a legal vehicle… The post How funding an irrevocable trust can help with estate taxes first appeared on Mockensturm, Ltd ..read more

When a real estate deal is made, both buyers and sellers seek to tilt the contract in their favor – but there are some clauses in a real estate deal that can benefit both. A rent-back clause has that potential. Sometimes called a “leaseback” agreement, it’s essentially an occupancy agreement that allows the seller to act like a renter – and the buyer like a landlord – for a specific time after closing. How does this benefit each party? Moving out of one home and into another can be a logistical nightmare, especially for sellers who are older or who are trying to close on another property at th ..read more