Starting in the year 2015, the Kansas Mortgage Registration Tax will be reduced over a period of four years. The tax, which is currently at 0.26% of any mortgage, will be eliminated by the year 2019.
In order to relocate your children and modify your custody arrangement, you must show that the move will be in the children’s best interest. The court does not care about whether or not the move is convenient for the parents. Relocation can be tricky and if you are thinking of filing a motion to relocate, you may want to contact our office at 816-524-4949.
If you have made a mistake on your tax return, don’t worry. You can fix it by filing an amended return, and here are some tips to help you file this return:
1. The form you need to use in order to amend your federal tax return is Form 1040-X.
2. If you need to amend tax returns for more than one year, then you need to use a separate Form 1040-X for each year you need to fix.
3. If your tax return changes involve other tax forms or schedules, then you must attach them with your Form 1040-X when you send it in to the IRS.
4. Amended returns can take up to 12 weeks for the IRS to process.
5. In order to claim a refund, you generally must file Form 1040-X within three years from the date you filed the original return.
6. You can track the status of your amended return using the IRS website approximately three weeks after you file it.
If you need to file an amended return, contact our office at 816-524-4949.
The Kansas City Royals learned the hard way that when a mascot hits a fan with a hotdog, they will be sued. Missouri courts have stated that attending or watching a baseball game does not adherently include the risk of being hit by flying food. If you believe you have been injured at a sporting event, you may want to contact us at 816-524-4949.
1. American Opportunity Tax Credit- this credit can be taken up to $2,500 each year for an eligible student and can be taken for the first four years of college.
2. Lifetime Learning Credit- this credit allows you to take up to $2,000 off of your taxes and there is no limit on the number of years of college education needed.
3. One credit per student- you can claim only one type of education credit per student each year.
4. Qualified expenses- you can only get a credit for qualified expenses, including but not limited to tuition and fees.
5. Form 1098-T- in most cases, if you are eligible for a credit, you should receive this form from your school.
6. Income limits- these education credits are subject to income limitations and could be reduced or eliminated because of your income.
Here’s a few tax tips for people who are members of the armed forces:
1. Some members of the military can postpone some tax deadlines if they serve in a combat zone.
2. If you serve in a combat zone, your combat pay is not taxable.
3. You can use your nontaxable combat pay when figuring your EITC credit.
4. You may be able to deduct some of your unreimbursed moving expenses.
5. You can deduct the cost of certain uniforms.
6. If you are on duty, your spouse can sign your return for you.
7. Reserve members can deduct certain costs of travel.
8. Active duty ROTC pay is taxable.
Missouri has stated that any firearm owned by a felon, even if the gun does not work and does not function, is a violation of law. If you are a felon who has been charged with owning a firearm, contact our office at 816-524-4949 or visit our website at www.Hoorfarlaw.com.
If you have a protection order against you in Kansas, you may want to be careful when calling the victim. Kansas has stated that calling a victim’s cell phone and showing up on their caller id, even if you don’t actually talk to the victim, constitutes a violation and is considered stalking.
If you need representation regarding a protection order, contact our office at 816-524-4949 or visit our website at www.Hoorfarlaw.com.
Here are a few tax tips to keep in mind when selling your home this year:
1. If you have a capital gain on the sale of your home, you may be able to exclude the gain from your tax return. You can exclude up to $250,000 for individual returns or $500,000 for joint returns.
2. If the gain from your home is not taxable, you do not need to report the sale on your tax return.
3. If the gain is taxable, you must report it on your return.
4. You can only exclude the gain from the sale of your main home.
5. You can only exclude the gain from the sale once every two years.
6. If you claimed the first time homebuyer credit, then special rules apply.
7. If you sell your home for a loss, you cannot deduct it.
Contact our office at 816-524-4949 or check out our website at www.Hoorfarlaw.com.
Causes for increase:
1. You bought a new car.
2. Insurance premiums for your neighborhood are rising.
3. Auto repair costs have increased.
4. You are driving more.
5. You are a relatively new driver.
Causes for decrease:
1. You bundled your auto and home policies together.
2. You are driving less.
3. You have been driving for awhile and have a good record.
4. Your teenage driver had a good report card or just left for college.
Feel free to visit our website at www.Hoorfarlaw.com.