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Posts Tagged ‘Tax-time’

Tax Tips for the 2017 Tax Year

December 6th, 2017

Here are a few end of the year tax tips for 2017 before the new year:

  1. Take steps to accelerate your deductions
  2. Maximize your retirement contributions
  3. Bulk up your estimated tax payments
  4. Meet with your tax adviser

If you are needing tax assistance and would like to speak to a tax attorney, contact our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.

Upcoming Tax Deadlines

November 13th, 2017

Here are some upcoming tax deadlines to be aware of:

March 15, 2018 – Partnership tax filing deadline

S Corp. tax filing deadline

April 17, 2018 – Individual tax filing deadline

IRA contribution deadline

C Corp. tax filing deadline

If you have tax issues and need assistance, contact our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.

Things To Do with Your Income Tax Refund

March 21st, 2017

tax refunds

Each year, around this time, you may be getting a tax refund.  Instead of spending it on a big screen TV or a new IPhone, here are a few other things to spend your refund on:

  1. Start a savings account
  2. Pay down or settle some of your debt
  3. Invest the money into a retirement account
  4. Buy life insurance
  5. Take care of some outstanding legal issues.

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

Unclaimed Tax Refunds Reaches $1 Billion

March 20th, 2017

unclaimed tax refund

The IRS has recently announced that the amount of unclaimed income tax refunds now totals more than $1 billion.  The IRS estimates that 11,100 people in Kansas are due a refund with the average refund being $746.  The IRS estimates that 22,400 people in Missouri are due a refund with the average refund being $705.

If you need tax assistance, contact our law office at 816-524-4949 or visit our website at www.Hoorfarlaw.com.

IRS Accepting Returns that Skip the Obamacare Health Tax

March 13th, 2017

tax season again

Pursuant to President Trump’s executive order, the IRS will be accepting income tax returns that do not complete the requirement to report your health insurance on your income tax return.  However, the IRS has stated that it can, and may, follow-up on income tax returns that leave the information blank.

If you would like assistance filing an income tax return, contact our law office at 816-524-4949 or visit our website at www.hoorfarlaw.com.

Amazon May Be Collecting Taxes Soon

March 8th, 2017

amazon

The state of Mississippi is now requiring that any company that sells items through the mail above $250,000 per year will be subject to collecting the state’s sales tax.  This means that companies such as Amazon and Quill will be required to collect sales taxes on their sales in the state of Mississippi.  While this does not affect Missouri or Kansas just yet, it may soon.

If you are facing tax issues, contact our law office at 816-524-4949 or visit our website at www.hoorfarlaw.com.

It’s a Girl

March 2nd, 2017

egg donors

Egg donors have to go through a barrage of tests and hormone therapies and as such are compensated rather well. The payout for enduring the process generally runs around $50,000 for those who make it through. In Perez v. Commissioner the tax court finally made a definitive ruling that this money is taxable. Perez tried to argue that the payment was for pain and suffering and thus excludable under Internal Revenue Code Section 104 as a payment for physical injury.

For all you tax buffs it is important to note what the case was not about. It was not a case to determine the tax treatment of selling her eggs. Perez was compensated for her time and would have been paid regardless of whether there was a successful donation. Though income from donating other items such as plasma is taxable.

If you need help with your taxes, contact us at 816-524-4949 or visit our website at www.Hoorfarlaw.com.

Do You Believe in Miracles

February 24th, 2017

olympics

The United States Olympic Committee awards cash prizes for bringing home the gold, and silver and bronze. These prizes are taxable despite complaints from lawmakers that, like the games themselves, roll around every couple of years. However, for most athletes not named Michael Phelps the tax bill for the prize is negligible. This is because the costs incurred for training and travel are deductible under the hobby loss rules for amateur athletes and as business expenses for professional ones.

If you need help with your taxes, contact us at 816-524-4949 or visit our website at www.Hoorfarlaw.com.

No Tax Refunds until February 15, 2017

January 23rd, 2017

tax refund time

Due to a new law, the IRS will not be issuing tax refunds on the Earned Income Tax Credit and the Additional Child Tax Credit until February 15, 2017.  The IRS will hold the entire refund until February 15, 2017.

If you need assistance filing your tax returns, contact our law office at 816-524-4949 or visit our website at www.Hoorfarlaw.com.

End of the Year Tax Tips

December 5th, 2016

tips

According to Xero.com, here are a few end of the year tax tips for everyone to consider:

  1. Determine employee bonus payments and withhold the required tax amounts.
  2. Pay all vendors by year end.
  3. Prepare all payroll records.
  4. Review your profit and loss statement before the year is done.
  5. Analyze your cash flow.
  6. Review your year-end goals to see if you met them or fell short.

If you are needing tax assistance, contact our law office at 816-524-4949 or visit our website at www.Hoorfarlaw.com.