Tag Archives: Tax Tip

2014 Tax Tip #1 – IRA Rollovers

Posted on December 15, 2014 by Camron Hoorfar

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.

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Falsely Claiming Zero Wages or Using False Form 1099

Posted on March 28, 2014 by Camron Hoorfar

Filing a phony information return is an illegal way to lower the amount of taxes an individual owes. Typically, a Form 4852 (Substitute Form W-2) or a “corrected” Form 1099 is used as a way to improperly reduce taxable income … Continue reading →

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Seven Facts about Dependants and Exemptions

Posted on March 21, 2014 by Camron Hoorfar

The IRS has seven facts on these rules to help you file your taxes. 1. Exemptions cut income. There are two types of exemptions: personal exemptions and exemptions for dependants. You can usually deduct $3,900 for each exemption you claim … Continue reading →

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Important Reminders about Tip Income

Posted on March 19, 2014 by Camron Hoorfar

-Tips are taxable. You must pay federal income tax on any tips you receive. The value of non-cash tips, such as tickets, passes or other items of value are also subject to income tax. -Include all tips on your return. … Continue reading →

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Top Six Tax Tips for the Self-Employed

Posted on April 3, 2013 by Camron Hoorfar

When you are self-employed, it typically means you work for yourself, as an independent contractor, or own your own business. Here are six key points the IRS would like you to know about self-employment and self-employment taxes: 1. Self-employment income can … Continue reading →

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