Stalking in Kansas
August 29th, 2014
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.
Tax Tips When Selling Your Home
August 27th, 2014
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.
Why your auto insurance can increase or decrease
August 25th, 2014
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.
Tax Tips for New Businesses
August 22nd, 2014
If you are starting a business, here are a few things you should be aware of:
1. Incorporation. When you start out, you need to choose the type of structure of your business. Some common types are partnerships, corporations and LLCs.
2. Be aware of four general types of business taxes. They are income taxes, self-employment taxes, employment taxes and sales taxes.
3. Get an EIN. This serves as the social security number for your business.
4. Choose an accounting method. Under the cash method, you report income in the year you receive it. Under the accrual method, you report income in the year that you earn it.
5. Employee health care. If you offer health care for your employees and you have less than 25 employees, you may be eligible for a tax credit.
If you need help with your new business, contact our office at 816-524-4949.
Avoiding Tax Surprises
August 20th, 2014
There are usually two things that you can adjust in order to try and avoid a surprise come tax time.
1. Adjust your withholdings from your paycheck to have the right amount of taxes taken out. Come tax time, if the right amount of taxes are taken, then you should not owe any taxes or you could get a refund.
2. If you get income that is not subject to withholdings, then you can make estimated tax payments. These are payments that are made every three months to pay for the amount of money that would have been deducted from your paycheck if you could do withholdings.
Deducting your Job Hunting Expenses
August 18th, 2014
Below is a list of expenses you can deduct when looking for a job:
1. Expenses for a job search in your current line of work but not for a new occupation.
2. The cost of preparing and mailing your resume.
3. Travel expenses looking for a new job.
4. Job placement agency fees.
If you need help preparing your tax return, call our office at 816-524-4949.
Tax Tips for Hobbies
August 15th, 2014
Many people think that income earned from a hobby does not need to be reported on your tax return. Here are four tax tips you should know about hobbies:
1. Determine if your hobby is a hobby or business. IRS publication 535 sets forth nine factors to help you determine whether your activity is a hobby or a business.
2. Hobby deductions. You can usually deduct ordinary and necessary hobby expenses as long as it is necessary and common for the activity.
3. Limits on hobby expenses. Generally you can only deduct your hobby expenses up to the amount of your hobby income. You cannot deduct a loss from your other income.
4. How to deduct hobby expenses. You must itemize deductions on your tax return in order to deduct your hobby expenses.
To contact our office, call 816-524-4949 or visit our website at www.Hoorfarlaw.com.
Tips When you Owe the IRS
August 13th, 2014
If you owe the IRS any money, here are a few tips that you might be able to use to remedy your situation:
1. Payment in full. This one is pretty straight-forward. If you pay your tax bill in full, you won’t owe them anymore.
2. IRS direct pay. This option allows you to automatically pay the IRS from your checking or savings account.
3. Get a short extension to pay. Sometimes you can qualify for 120 days or less as an extension if you can pay your taxes in full.
4. Apply for a payment plan. If you owe $50,000 or less, our office can usually get you a payment plan over five years.
5. Try an Offer in Compromise. This option allows you to offer a settlement to the IRS to pay an amount that is less than the full amount of taxes that you owe. If you want to try this option, contact our office.
6. Change your withholdings. By increasing the amount of taxes taken out of each paycheck, you can help alleviate your tax burden come tax time.
If you have any questions, feel free to call our office at 816-524-4949 or visit our website at www.Hoorfarlaw.com.
Settling when you didn’t settle
August 1st, 2014
A Johnson County Kansas court has held that two parties entered into a settlement agreement, even when there was not an official settlement agreement, because the emails between the parties constituted a completed contract. The lesson here is, be careful what you say in emails and if you are being sued, you might want to contact our office at 816-524-4949. Also be sure to check out our website at www.Hoorfarlaw.com.