Bankruptcy Can Take Away Your Personal Injury Settlement

If you are able to sue someone, due to a car accident or other injury, and you file for bankruptcy, the bankruptcy court could be entitled to some or all of your settlement.  Also, if you have a claim but do not tell the bankruptcy court, you may end up losing the claim altogether.

If you are in bankruptcy or have been involved in an accident and need assistance, contact our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.

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Kansas Ranked as One of the Least Stressed States in the Nation

A new report says Kansas is one of the least stressed states in the nation. The website WalletHub compared all 50 states on items such as hours worked per week, personal bankruptcy rates, and the average hours of sleep per night. Kansas ranked 11th on the list.

If you would like to speak to an attorney, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com

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Bed Bath & Beyond Begins Pulling Back Coupons

Bed Bath & Beyond is built on coupons, but after years of declining profits, the company is starting to pull back on its coupons. Approximately 30 years ago, the retailer started mailing out their famous 20% off coupons to bring customers into their stores. Bed Bath & Beyond is now mailing out fewer coupons and becoming stricter on how they can be used.

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If you would like to speak to an attorney, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com

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39 Million Americans Can’t Afford a Summer Vacation

An estimated 39 million Americans will not be taking a summer vacation because they can’t afford to. Vacations typically cost $2,000 on average. 1 in 5 that can’t afford a vacation explain that debt and the cost of a vacation is the main thing that stands in their way.

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If you are experiencing debt issues, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com

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Things Taxpayers Should Know About the Sharing Economy and Their Taxes

There are six things taxpayers should know about how the sharing economy might affect their taxes.

  1. The activity is taxable: Sharing economy activity is generally taxable, even when:
  • The activity is only part time;
  • The activity is something the taxpayer does on the side;
  • Payments are in cash;
  • The taxpayer receives an information return like a Form 1099 or Form W2.

2. Some expenses are deductible: Taxpayers who participate in the sharing economy may be able to deduct certain expenses.

3. There are special rules for rentals: If a taxpayer rents out their home or apartment, but also lives in it during the year, special rules generally apply to their taxes.

4. Participants may need to make estimated tax payments: The United States tax system is pay-as-you-go. This means that taxpayers involved in the sharing economy often need to make estimated tax payments throughout the year. These payments are due on April 15, June 15, September 15 and January 15.

5. There are different ways to pay.

6. Taxpayers should check their withholding: Taxpayers involved in the sharing economy who are employees at another job can often avoid making estimated tax payments by having more tax withheld from their paychecks.

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

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Alliance of American Football Files for Bankruptcy

Alliance of American Football has filed for chapter 7 bankruptcy. The filing lists more than $11 million in assets, but more than $48 million in liabilities. The assets include football equipment, uniforms, and contracts from the players.

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If you are thinking about filing for bankruptcy, contact our law office at 816-524-4949 or visit our website at Hoorfarlaw.com

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L.A Developer of Celebrity Real Estate Arrested

Robert Shapiro, owner of Woodbridge Group of Cos., and two other company executives have been accused of tricking thousands of investors in a $1.3 billion Ponzi scheme and have been arrested. High pressure sales tactics were used to obtain money in what was promised to be for low risk investments, however the money was really channeled toward real estate owned by Shapiro.

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If you would like to speak to an attorney about a criminal matter, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com

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Luxury Company Roberto Cavalli Closes Its U.S. Stores

Struggling Italian fashion house Roberto Cavalli has stopped all North American operations. Headquartered in Florence, the company has lost most of its fan base in recent years, therefore struggling to make sales and maintain its competitive profile. A spokesman has said that the name of the brand’s North American subsidiary, Art Fashion Corporation, will liquidate under a bankruptcy filing with the United States.

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If you are thinking about filing for bankruptcy, contact our law office at 816-524-4949 or visit our website at Hoorfarlaw.com

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New York Church Members Plead Guilty to Conspiracy to Defraud the United States

Jermaine Grant and Lincoln Harrington pled guilty to one count of conspiracy to defraud the United States. The two were high-ranking officials of the Israelite Church of God and in Jesus Christ. They took nearly $3 million of the churches money and used it for real estate, vacations, a recreational vehicle, private school education for their children, as well as a chauffeur for them to and from school and other luxury goods.

Image result for jermaine grant and lincoln warrington

If you would like to speak to an attorney, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com

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Tax Guide for Retirement Savings

Anyone with a traditional Individual Retirement Arrangement (IRA) may be eligible for a tax credit or deduction on their 2018 tax return if they make contributions by April 15th, 2019.

An IRA is designed to enable employees and the self-employed to save for retirement. Most taxpayers who work are eligible to start a traditional or Roth IRA or add money to an existed account.

Contributions to a traditional IRA are usually tax deductible, and distributions are generally taxable. Taxpayers can file their return claiming a traditional IRA contribution before the contribution is actually made. It must then be made by April 15th of this year.

Contributions to Roth IRA’s are not tax deductible, however, the maximum permitted amount of these contributions begins to phase out for taxpayers whose modified adjusted gross income is above a certain level:

  • Those who are married filing jointly or qualifying widow(er), the level is $189,000.
  • For those who file as single, head of household, or married filing separately and did not live with their spouse at any time during the year, that level is $120,000.
  • Filers who are married filing separately and lived with their spouse at any time during the year, and amount of modified AGI reduces their contribution limit.

For Saver’s Credit the limits are:

  • $31,500 for single and married filing separate
  • $47,500 for head of household
  • $63,000 for married filing jointly

If you need tax help, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com

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