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Foreign Income Could Mean Domestic Punishment

March 31st, 2015

If you are a U.S. citizen or resident who worked or earned money outside of the U.S., you may want to review these tips:

  1. U.S. citizens and residents are required to report any and all income received, whether in the country or outside the country.
  2. You should report any foreign income on IRS Form 8938 and any foreign bank accounts on IRS Form 114.
  3. If you lived and worked abroad, you could qualify for the foreign earned income exclusion which would make the first $99,200 in income.
  4. You may be able to take a deduction or tax credit for any taxes paid to other countries.

If you have assets in a foreign country or earned income in a foreign country, contact our law office at 816-524-4949 or www.Hoorfarlaw.com.

 

Hello Divorce, Goodbye Pension

March 27th, 2015

divorce pension

Missouri courts have ruled that a divorce is not complete unless the pensions or retirement of all the people involved are addressed.  When dividing up a retirement account, the court is going to need proof of its present cash value before it can be divided or split up, along with all of the other property that was acquired or obtained during the marriage.  In addition to the present cash value, the court will also look at the conduct and behavior of the people involved in the divorce when determining how to divide up the property.  The lesson here is be good and know what you are doing if you are handling your own divorce.  If you do not know all of the rules involving divorce, maintenance, support, and custody, then feel free to contact our law office at 816-524-4949 or www.Hoorfarlaw.com.

 

Are You Standardized or Itemized

March 25th, 2015

tax tip

When filing your income taxes, you must tell the IRS if you would like to take the standard deduction or the itemized deduction.

The standard deduction is a deduction of a set amount without any work or proof required on your part.  However, the standard deduction depends on whether you are single, married, widowed, and have dependents.

The itemized deduction is a deduction that is made up of multiple deductions, including sales taxes, income taxes, property taxes, mortgage interest, medical expenses, real estate taxes, theft losses, and charitable contributions.

If you need help filing your income tax return and deciding which deduction is right for you, contact our law office at 816-524-4949 or www.Hoorfarlaw.com.

 

Get Your Money or Let Us Get It for You

March 24th, 2015

On March 11, 2015, the IRS released a statement stating that over $1 billion dollars in refund money is waiting for people to claim it for the tax year 2011.  If you did not file a 2011 income tax return, then the IRS may be holding your money.  The IRS estimated that an average of $667 is waiting for each person in Kansas and $655 for each person in Missouri.  However, if you do not file the return by April 15, 2015, then the money will be forever lost.  Don’t procrastinate any longer, get any money that is owed to you for 2011 by contacting our law office at 816-524-4949 or www.Hoorfarlaw.com.

 

Receive a Request for Admissions?

March 19th, 2015

Did you receive a request for admissions in a lawsuit you are a part of and not sure what to do?  Before you freak out, make sure you are not receiving the requests too early.

Missouri Supreme Court Rule 59.01 states that requests for admissions cannot be issued until thirty (30) days after an entry of appearance or service upon a party.

If you are facing a lawsuit and unsure of how to handle it, contact our office at 816-524-4949 or www.Hoorfarlaw.com.

 

Selling Real Estate

March 18th, 2015

real estate

An Oklahoma court has stated that if a seller knows of something wrong with the property, but does not disclose the defect, then the seller could have to pay the buyer to fix the problem.  The key element in suing a seller for a defect is that the seller knew of the defect before the deal was finalized, but the defect was never disclosed to the buyer, and the buyer suffered some harm because of the defect.  If you are having real estate issues, feel free to contact our law office at 816-524-4949 or www.Hoorfarlaw.com.

 

Management of Your Corporation

March 17th, 2015

management

Generally, the management of a corporation is performed by the board of directors.  As long as the board of directors make decisions in good faith and without any dishonest influence, then the board of directors are viewed and treated as making generally good decisions for the company.  However, if a shareholder of the company is unhappy with how the board of directors are running the company, then the shareholder can try to remove the board of directors.  If you are involved with a company that is having internal issues and disputes, feel free to contact our law office at 816-524-4949 or www.Hoorfarlaw.com.

 

Bad Construction Companies

March 13th, 2015

construction

Did you know that you could sue a construction company, and its owners, if they fail to pay the subcontractors for a job that is done for you?  Its true.  Missouri courts have said that if a contractor fails to pay the subcontractors, and you have to pay the subcontractors yourself, you may be able to sue the construction company, and its owners personally, for the money you paid to the subcontractors, interest, and punitive damages.

If you are dealing with a bad construction company and need legal help, contact our office at 816-524-4949 or www.Hoorfarlaw.com.

 

Premium Tax Credit

March 6th, 2015

tax stuff

If you purchased healthcare through the Marketplace, you may be eligible for premium assistance by claiming the Premium Tax Credit on your 2014 income tax return.  When filing your income tax return, your tax professional needs to reconcile the advance credit payments that you received with the actual premium tax credit you are eligible to claim.  In order to do this reconciliation, you will need to complete Form 8962.  In order to do this calculation, you will need to use Form 1095-A in early February 2015.

 

Healthcare Tax Forms

March 5th, 2015

healthcare

For taxpayers who receive health insurance coverage through an employer, a government plan, or the marketplace, they will need to report their health insurance coverage on their tax return for the 2014 tax year.

Taxpayers who have health insurance through the marketplace should receive a Form 1095-A.  This form must be reported in order to calculate the Premium Tax Credit.

If you did not have health insurance in 2014 and you do not fall under an exemption from the requirement, you will be subject to the health insurance penalty.

If you need assistance in filing your tax return this year, feel free to contact our law office at 816-524-4949 or www.Hoorfarlaw.com.

 
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