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Archive for December, 2014

Making Up Numbers

December 30th, 2014

NUMBERS

When dealing with the Missouri Department of Revenue, if you fail to give them the necessary records, they are allowed to estimate your income until proven otherwise. If you need tax assistance, call our office at 816-524-4949.

Attorney Fees in Oklahoma Cases

December 29th, 2014

attorney fees

Oklahoma courts allow for the award of attorney fees by statute if the lawsuit involves an action to recover for labor or services rendered, open accounts, statement of accounts, notes, negotiable instruments, or contracts relating to the purchase or sale of goods or merchandise.  If you are looking to sue someone and wish to ask for attorney fees or you are being sued and being asked to pay attorney fees, contact our office at 816-524-4949.

2014 Tax Tip #8 – IRS Fees

December 24th, 2014

#8

The filing fees for installment agreements have increased to $120.00 and the filing fees for offers-in-compromise have increased to $186.00.  If you need assistance getting an installment agreement or offer-in-compromise, contact our office at 816-524-4949.

2014 Tax Tip #7 – Health Insurance Penalties

December 23rd, 2014

#7

After 2013, taxpayers must pay a penalty if they do not maintain minimum health insurance coverage.  However, there are a number of exceptions that you may qualify for.  If you need assistance in preparing a tax return, contact our office at 816-524-4949.

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.