Financial Tips for Business Owners
January 29th, 2015
Here are a few financial tips that could help if you own a business:
1. Review financial statements from time to time to assess your business’ financial health;
2. Stay disciplined to keep within your budget;
3. Minimize investment mistakes;
4. Do not carry balances on credit cards;
5. Purchase only what you have the cash to pay for; and
6. Make sure every payment is made on time and in full.
Tips to Avoid Surprises at Tax Time
January 28th, 2015
Here are some things you can do to try and reduce the taxes you will owe come tax time:
1. Adjust your withholdings on Form W-4
2. Report any changes in circumstances to the health insurance marketplace in order to possibly get a premium tax credit
3. Make note of certain life events such as a marriage, divorce, or birth of a child
4. Pay estimated taxes if need be
If you are needing tax assistance, you can reach our office at 816-524-4949.
Health Savings Accounts when the Account Owner Dies
January 23rd, 2015
Health Savings Accounts, or HSAs, allow participants to put pre-tax money into an account that is used for qualified medical expenses. When the account is set up, the participant has the opportunity to name a beneficiary who gets the money in the account when the participant dies. The beneficiary can be changed at any time. If the beneficiary is the participant’s spouse, then the account remains an HSA that can be used by the spouse. If the beneficiary is not a spouse, then the HSA terminates and the money is distributed to the beneficiary. However, any money that is distributed to them is taxed as income. If you are the beneficiary of an HSA and you need help with the tax consequences, you can set up a free consultation with our law office by using our website at www.hoorfarlaw.com or calling us at 816-524-4949.
No Privacy Expectation
January 22nd, 2015
The Missouri courts have held that anyone that rents a hotel room has a reasonable expectation of privacy. However, once the rental period ends, the expectation of privacy also ends. If you have experienced an issue with your privacy, contact our office at 816-524-4949 or www.Hoorfarlaw.com.
January 21st, 2015
A QDRO is a qualified domestic relations order is a tool that can be used to distribute a pension based upon a property settlement. Even if your divorce decree has already been filed, you still could benefit from a QDRO. If you are facing a divorce and need or may need a QDRO done, contact our law office at 816-524-4949.
Refusing a Drunk Driving Test
January 20th, 2015
Refusing to take a breathalyzer in order to determine if you have been driving under the influence is reason for Missouri to take your license away for one year. It does not matter what your reasoning is behind the refusal. However, if this has happened to you, you still have some options.
If you are facing a license revocation or DWI/DUI charge, contact our office at 816-524-4949 or www.Hoorfarlaw.com.
Child Support Modification
January 15th, 2015
In order to modify a child support order, a person must show a 20% change on Form 14 and that there has been a substantial and continuing change in circumstances. However, this rule does not apply when child support is based on a settlement. If you would like to modify a child support order, contact our office at 816-524-4949.
Construction May Not Be Tax-Exempt
January 14th, 2015
A Missouri construction company was not allowed to make tax-exempt purchases of materials for concrete walls that they used on construction sites. The Missouri Supreme Court has ruled that in order to make tax-exempt purchases, the materials purchased must be used to manufacture another item, and that item must be marketed or made for sale. Had the construction company marketed the concrete walls, the purchase of the materials would have been tax-exempt. If you have a tax issue that you would like some assistance with, you can set up a free consultation with our law office by using our website at www.hoorfarlaw.com or calling us at 816-524-4949.
Suing Your Own Company
January 13th, 2015
If you are a member of a company and you believe the company, or another member of the company, has violated the company’s rules or state laws, you can file a derivative action on behalf of all of the shareholders. A derivative action is usually used to sue an officer or director of the company. If you need assistance suing an officer or director, contact our office at 816-524-4949.
Setting Aside a Missouri Default Judgment
January 12th, 2015
If a default judgment has been granted against you by a Missouri court, you may want or need to re-open the case. However, in order to do so, you will need to show that there is good cause to re-open the judgment, meaning some sort of negligence or mistake occurred, such as the careless handling of the summons. If you are facing a default judgment against you, you may want to contact our law office at 816-524-4949.