Tag Archives: taxes

Tips to Avoid an IRS Scam

Posted on February 22, 2016 by Camron Hoorfar

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: Avoid e-mails from the IRS. The IRS does not send e-mails to … Continue reading →

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Invest in Christmas Trees

Posted on February 16, 2016 by Camron Hoorfar

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 … Continue reading →

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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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Student Loan Interest

Posted on February 1, 2016 by Camron Hoorfar

If you went to law school in the last 50 years, then there is a good chance that you had to take out some sort of student loan.  While your student loan payments may be killing your wallet, Uncle Same … 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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IRS Penalty for Un-filed Retirement Plan Returns

Posted on January 11, 2016 by Camron Hoorfar

Businesses that fail to file the required annual retirement plan return can face penalties up to $15,000 per return.  However, there is a special IRS program that allows some businesses to decrease the penalty to a maximum $1,500. If you … Continue reading →

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Tax Benefits that have been Extended for 2015

Posted on January 7, 2016 by Camron Hoorfar

On December 18, 2015, President Obama signed into law the Protecting Americans from Tax Hikes Act (PATH Act). The new law extends the following tax benefits: Additional Child Tax Credit – The income threshold limit was changed from $10,000, indexed … 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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