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2014 Tax Tip #6 – Mileage

December 22nd, 2014

#6

The 2014 optional mileage allowance for vehicles used for business travel has decreased to 56 cents per mile.  Medical mileage has also decreased to 23.5 cents per mile.  If you need assistance preparing a tax return using mileage, contact our office at 816-524-4949.

 

2014 Tax Tip #5 – Payments from an LLC

December 19th, 2014

#5

The Tax Court has stated that disbursements, or payments, from an LLC taxed as a partnership to its primary owner were considered guaranteed payments.  Guaranteed payments are subject to self-employment taxes.  If you need tax assistance, contact our office at 816-524-4949.

 

2014 Tax Tip #4 – Bitcoins

December 18th, 2014

#4
The IRS has stated that virtual currency is treated as property for tax purposes and will be subject to general tax principles for property transactions.  For more tax help, contact our office at 816-524-4949.

 

2014 Tax Tip #3 – Severance Payments

December 17th, 2014

#3

Severance payments are now subject to FICA, also known as Social Security taxes, and that the payments were treated as wages.  For more tax tips, contact our office at 816-524-4949.

 

2014 Tax Tip #2 – Expired Tax Breaks

December 16th, 2014

#2

The following is a list of tax breaks that expired at the end of 2013:

  1. Deduction for state and local taxes;
  2. Tax-free distributions from IRAs for charitable purposes;
  3. Deduction for mortgage insurance premiums;
  4. Deduction for tuition;
  5. Deduction for mortgage insurance premiums;
  6. Exclusion for debt discharged for a principal residence;
  7. Research credit; and
  8. Bonus depreciation;

For more tax benefits, contact our office at 816-524-4949.

 

2014 Tax Tip #1 – IRA Rollovers

December 15th, 2014

#1

The Tax Court has ruled that a taxpayer is limited to one IRA rollover for all IRA accounts.  This rule takes effect in 2015.  If you have a tax situation that needs fixing, contact our office for assistance at 816-524-4949.

 

Famous Bankruptcies

December 12th, 2014

celebrity

Thinking of filing bankruptcy but too embarrassed to contact our office?  Well don’t be.  Here is a list of some famous people who have filed for bankruptcy:

Stephen Baldwin  2009

Kim Basinger  1993

Gary Burghoff  1991

Gary Busey  2012

Tia Carrere  1986

Donna Derrico  2014

Nicole Eggert  2012 and 2013

Zsa Zsa Gabor  1993

Sherman Hemsley  1999

Lorenzo Lamas  2004 and 2014

Mekhi Phifer  2014

Randy Quaid  2000

Burt Reynolds  1996

Wesley Snipes  2006

Leif Garrett  2001

Abby Lee Miller  2010

David Crosby  1985

Mick Fleetwood  1984

Jerry Lee Lewis  1988

Wayne Newton  1992

Dionne Warwick  2013

David Allan Coe  1985

Casey Anthony  2013

John Bobbitt  1993

Janice Dickinson  2013

Heidi Fleiss  1999

Arsenio Hall  2008

If you are interested in filing for bankruptcy, contact our office at 816-524-4949.

 

Tips for Avoiding Scams when Doing Home Repair

December 5th, 2014

repair

1. Hire companies that are known or recommended.
2. Check the credentials of the company through the Attorney General or Better Business Bureau.
3. Get at least two estimates for any work.
4. Get all agreements in writing.
5. Pay in full only when all the work is done.
If you need legal assistance, contact us at 816-524-4949.

 

2015 Tax Updates

December 3rd, 2014

tax mistakeHere are a few recent tax changes for the upcoming 2015 tax year that you should be aware of:

  1. The annual contribution limit for 401(k)s, 457 plans, and thrift savings plans is $18,000;
  2. The catch-up contribution limit for taxpayers over age 50 is $6,000;
  3. The annual contribution limit for IRAs is $5,500;
  4. The definition of a highly compensated employee is anyone who earns over $120,000; If you are having tax issues, contact our law office at 816-524-4949.
 

Attorney Fees in Bankruptcy

December 1st, 2014

If you have filed an adversary proceeding or are facing one in your bankruptcy, one of the important issues you need to think about is how you can pay for your attorney.  When asking for attorney fees in an adversary action, you must make sure that your request complies with Federal Bankruptcy Rule 7008, requiring that attorney fees must be plead in the initial complaint or answer so that the other side has a chance to respond to the request before trial.  If you have filed for bankruptcy and are needing assistance, feel free to contact our office at 816-524-4949.

 
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