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Archive for February, 2016

Taxpayer Bill of Rights

February 29th, 2016

taxpayer

The IRS has issued bill of rights that every taxpayer has, and some of them are:

  1. You have the right to receive a tax notice informing you of the tax, interest, and penalties that the IRS claims you owe.
  2. If the IRS denies a part of your refund, it must notify you, in writing, of why it did so.
  3. If you enter into a payment plan with the IRS, the IRS must send you an annual statement telling you how much you still owe.

If you have a tax issue that you want to speak to an attorney about, contact our law office at 816-524-4949 or visit our website at www.Hoorfarlaw.com.

Plead Guilty, Lose Your Guns

February 25th, 2016

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In a recent Missouri Supreme Court case, a court ruled that a Defendant who pleads or is found guilty of certain crimes will lose their Concealed Carry Permit and will not be able to obtain a Concealed Carry Permit.

If you are being charged with a crime and would like legal assistance, contact our law office at 816-524-4949 or visit our website at www.Hoorfarlaw.com.

Drone Problems

February 24th, 2016

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These days, more and more people are flying drones for their leisure.  However, a drone operator does not have the right to fly their drone over your property.  If they do, the drone operator can be liable to you for trespass, private nuisance, public nuisance, stalking, harassment, and breach of privacy.

If you are having problems with a drone and would like to speak with us, contact our law office at 816-524-4949 or www.Hoorfarlaw.com.

Over-looked Tax Deductions

February 23rd, 2016

tax time

The end of this month marks the halfway point for the tax season.  If you haven’t filed yet, or you have filed but may want a second look, don’t forget about these often-over-looked deductions:

  1.  Investment losses up to $3,000 from ordinary income;
  2.  Medical expenses that exceed 10% of your income;
  3.  Education creditors for secondary education;
  4.  Child care costs;
  5.  Work-related expenses;
  6.  Student loan interest;
  7.  Charitable donations;
  8.  Self-employment deductions;
  9.  Retirement conversions and rollovers;
  10.  Health care premiums.

If you would like some help preparing your income tax return, contact our law office at 816-524-4949 or www.Hoorfarlaw.com.

Tips to Avoid an IRS Scam

February 22nd, 2016

irs

Every year the IRS warns taxpayers regarding current tax scams.  In order to avoid being a victim of a tax scam, here are a few tips to remember:

  1. Avoid e-mails from the IRS. The IRS does not send e-mails to taxpayers.
  2. Do not open e-mails, or their attachments, if you do not know who the e-mail is from. The attachments are often times hidden viruses to attack your computer.
  3. Use computer security software to block up pop-up ads that may contain viruses.
  4. Inform your family and friends. The more people you tell about these simple rules, the safer everyone will be.

If you have a tax problem and would like some help, contact our law office at 816-524-4949 or visit our website at www.Hoorfarlaw.com.

Construction Lawsuits

February 19th, 2016

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In cases of defective construction or work on a building, the owner of the building has the burden to prove the cost of repairing the defective work, unless the contractor shows that the cost of repair was unreasonable.  In addition, the owner may have a claim under the Missouri Merchandising Practices Act.

If you believe you have a construction lawsuit and need some help, contact our law office at 816-524-4949 or visit our website at www.Hoorfarlaw.com.

Setting Aside a Foreclosure Sale

February 18th, 2016

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A Missouri foreclosure sale can be set aside for multiple reasons, but if your only reason is that there was an inadequate purchase price at the foreclosure sale, then you will not be able to set aside the foreclosure sale.  In addition to an inadequate purchase price, there must be some sort of fraud or irregularity in the foreclosure sale.  If you are facing a foreclosure, contact our law office at 816-524-4949 or www.Hoorfarlaw.com.

Suing for Lost Profits

February 17th, 2016

lawyer

The Missouri Court of Appeals for the Western District has stated that a person or business cannot sue for lost profits unless their business is profitable and they have proof of that profitability. If you believe you may have a lawsuit against someone, 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.

Invest in Christmas Trees

February 16th, 2016

christmas tree 2

Internal Revenue Code 631 allows Christmas tree farmers to have their profits taxed at capital gain rates, instead of ordinary income rates like other businesses, as long as they sell Christmas trees at least 6 years old.  Christmas trees usually fall under this deduction because it takes 6-12 years for a Christmas tree to grow to full size.

Internal Revenue Code 263A allows a Christmas tree farmer to deduct all of their expenses up front, in one year.  However, other tree farmers and other farmers must wait several years to enjoy the full deduction of their expenses.

Lastly, these two rules apply to Christmas trees grown in and out of the United States.

Family Loans

February 15th, 2016

family loans

If you have ever made a loan to your spouse’s family member with no chance in sight of getting your money back, you may be able to get Uncle Same to help you out.

A nonbusiness bad debt can be deducted up to $3,000 per year with a lifetime total of $10,000.  The debt must be for an actual loan, not a gift, and must be considered completely worthless.  This means that there cannot be any chance that you are going to get your money back.

Of course, in order to take the deduction, you will need to prove all of these elements, and a written loan document will go a long way in satisfying your requirements with the IRS.  However, if you do ever get paid back after taking the deduction, you have to report that income on your tax return for the year in which you received it.