We all complain about the crazy and sometimes foolish behavior of the Internal Revenue Service. But, other taxing entities such as states, school districts and municipalities can be just as bad. These other taxing entities have no qualms in spending $100 to collect $10 in extra taxes. They are also quick to charge interest and penalties on anything and everything.

Research suggests there are certain rules to follow. Among them: Don’t be too cute. There is so much to do before you start your own company. You have to develop a business plan. You have to find financing. Oh, and you have to give it a name.

One hears much about the federal income tax credit available for rehabilitation of historical structures. Fewer know that Ohio also has such a credit. The federal and state credits may help finance the rehab of historic structures.

If one of these notices comes your way, please check immediately with your tax advisor. This piece of mail is not to be ignored.

Can you imagine a world where you have to pay tax to get a tattoo? That’s the case in the US state of Arkansas, where a 6% “beautification tax” goes to the treasury.

Self-directed IRAs are not for the faint of heart. There are many ways for a seemingly innocent misstep to “blow-up” your IRA, causing your retirement funds to be taxed along with some BIG penalties and interest.