Wisdom Tax Group Blog

  • Happy Thanksgiving!
    by TaxDoctor on November 26, 2024 at 2:56 pm

    From our family to yours, have a safe and happy holiday weekend!

  • Income Taxes Surprising People is Surprising! Empower Yourself!
    by TaxDoctor on November 20, 2024 at 3:54 pm

    Most people feel like their taxes are a sleeping giant. They tiptoe around them as if staying away from the topic will keep it from waking up. Then at tax time when the giant awakens, they often act as if the final tax refund or bill is a surprise. Many working people try to change their withholding to get their tax outcome “dialed in”, but that joy of having a refund of “XYZ” coming is so often way off from what was expected and they are shocked. That’s because taxes are dealt with one time a year for most and their scenarios that lead to a consistent outcome change. For example, they go from no kids, to having kids. Children

  • If You Give to Charities or Have Plans to In the Future, It’s Not Too Late to Reduce Your Current Tax Bill!
    by TaxDoctor on November 13, 2024 at 2:53 pm

    Many people have the intention of doing a better job of “tax planning” in order to start having more favorable outcomes, but busy lives and life interruptions can leave them little time.  If this is you, you’re not alone.  Time flies even in normal times, but with the current stressful environment, everyone is scrambling even more, so you look at the calendar and think, “I can go see my accountant or financial advisor, or I can get my shopping done”, and the next thing you know it, it’s Thanksgiving and the end of the year is upon us. Most advanced tax planning requires communication about concepts, takes reams of paperwork and time to submit to custodians, so it would be

  • Tax Planning Boost is Likely Due to Election Results
    by TaxDoctor on November 7, 2024 at 7:36 pm

    Many people in the tax planning industry were expecting a democratic win and big changes in tax policy. With Trump’s victory, many of those same tax planners are expecting no changes and extensions of the policies that were going to expire in 2025. Although some things will likely continue as they are now, it will not be as simple as an automatic extension of all policies. The reason that the policies were going to expire at the end of 2025 is that any time the government reduces projected revenues (tax reduction) they have to also have planned in a replacement to that revenue or have plausible growth because of tax policy that will balance the budget. When Trump placed the

  • Simple or Complex, Tax Planning is Important!
    by TaxDoctor on October 30, 2024 at 8:09 pm

    Sometimes “tax planning” can be easy: “Open an IRA and it reduces your taxable income.” Other times it can be quite complex: “Cost segregation” on a building means hiring an engineering firm and having a structure broken down into its many components on paper, with each value separately listed; the frame, wiring, heating systems, etc., and taking write-offs, generally much faster than simply taking a standard approach. These are both ways to lower federal or state taxes.   For the people who have made large amounts of money or have larger estates, the year to year tax bill is not as much of a concern as the “Death Tax Bill.” Planning for them can be simple or complex as well,

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947 Worthington Woods Loop Road
Worthington, OH 43085
614-633-8771

Wisdom Tax Group

947 Worthington Woods Loop Road
Worthington, OH 43085

 

Hours:
MON: 8:30-5:00
TUE: 8:30-5:00
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