Tax Deductible Moving
September 29th, 2014
You may be able to deduct your expenses if you move to start a new job or to work in a different location. Here are some tax tips involving deducting your moving expenses:
1. You must incur the moving expenses within one year from the date you start your new job or are at the new location.
2. Your new job must be at least 50 miles farther from your home than your previous job.
3. After the move, you must work at your new job or new location for at least 39 weeks the first year.
4. You can deduct your transportation and lodging costs but not your meals.
5. You cannot deduct the cost of selling your home or breaking your lease.
6. You cannot deduct expenses that are reimbursed by your employer.
Appealing your Divorce
September 26th, 2014
In Missouri, you cannot appeal your divorce until all of your property and assets have been addressed by the lower court. If you want to file an appeal, you may want to contact our office at 816-524-4949.
Tax Tips When Traveling for Charity
September 24th, 2014
You cannot deduct the value of your services that you give to charity, but you may be able to deduct some of your out-of-pocket costs. The deductible expenses must be unreimbursed and incurred only on behalf of the charity. In order to deduct the costs, you must volunteer for a qualified charity. Some examples of expenses that you can deduct are car expenses, air fare, bus tickets, lodging, taxis and meals.
Life after Divorce
September 22nd, 2014
Here are some tips that you should consider if you are thinking about getting a divorce or have just experienced one:
1. Assess your current financial situation and take stock on your income and expenses.
2. Establish a budget and divide your expenses into two categories: fixed and discretionary.
3. Reevalutate your financial goals.
4. Take control of your debt.
5. Establish credit.
6. Review your insurance needs.
7. Change your beneficiaries.
If you are thinking about or going through a divorce, give us a call at 816-524-4949.
Kansas Mortgage Registration Tax
September 19th, 2014
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.
Custody and Relocation
September 17th, 2014
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.
Make a Tax Mistake?
September 15th, 2014
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.
Baseball and Hotdogs
September 12th, 2014
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.
Going back to school? Save those taxes
September 10th, 2014
If you, your spouse or your dependent are heading off to college, here are some quick tips that could safe you some money come tax time:
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.
Tax Benefits for the Military
September 5th, 2014
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.