Tag Archives: Tax tips

Family Loans

Posted on February 15, 2016 by Camron Hoorfar

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 … Continue reading →

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Alimony

Posted on February 2, 2016 by Camron Hoorfar

Alimony that is received by a taxpayer must be included as income on that person’s tax return. Anyone who pays alimony can deduct the alimony payments on the first page of their federal tax return. However, in order to be … Continue reading →

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Tax Preparation Fees

Posted on January 29, 2016 by Camron Hoorfar

An often overlooked itemized deduction is the deduction of tax preparation fees.  Generally, anyone you pay to prepare or assist in the preparation or review of your income tax return can be deducted on Schedule A. The tax preparation fees … Continue reading →

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Entertainment is Subject to Sales Tax

Posted on January 22, 2016 by Camron Hoorfar

Missouri has ruled that a person must pay sales tax on any activity that occurs in any place of amusement, entertainment, or recreation.  This rule includes dance lessons, as Miss Dianna’s School of Dance learned earlier this year.  Therefore, if … Continue reading →

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Appealing Your Missouri Tax Notice

Posted on December 17, 2015 by Camron Hoorfar

Missouri law allows a taxpayer to appeal a tax assessment by the Missouri Department of Revenue within sixty (60) days from mailing or delivery of the tax assessment, whichever is earlier.  Even if Missouri mails the notice of assessment to … Continue reading →

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Losing the Home Sale Exclusion Rule

Posted on December 15, 2015 by Camron Hoorfar

The United States tax code, Section 121(a), allows a taxpayer to sell their primary personal residence tax free as long as the taxpayer lived in the property for two or more years.  However, the maximum amount that can be tax … Continue reading →

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Tax Tips when you Sell Your Home

Posted on August 27, 2015 by Camron Hoorfar

Here are a few tax tips you should know about when you sell your home: You can usually exclude (not report) any profit or gain up to $250,000-$500,000 that you receive from the sale of your home. You cannot deduct … Continue reading →

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Tax Return for Truckers Due August 31

Posted on August 25, 2015 by Camron Hoorfar

Truckers and other owners of heavy highway vehicles need to file their next federal highway use tax return on Monday, August 31, 2015. This deadline applies to Form 2290 and is for the tax period from July 1, 2015 to … Continue reading →

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Beware of New IRS Scams

Posted on August 20, 2015 by Camron Hoorfar

These days, scam artists are posing as IRS agents trying to scare people into paying the scam artists money. In order to stop this scam from happening to you, check out a few of these tips: Scam artists use scare … Continue reading →

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Back-to-School Education Credits

Posted on August 19, 2015 by Camron Hoorfar

There are two tax tips you should know about sending your children off to college: The American Opportunity Credit allows a tax credit of up to $2,500 per year per eligible student. This credit can be claimed for up to … Continue reading →

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