A Missouri foreclosure sale can be set aside for multiple reasons, but if your only reason is that there was an inadequate purchase price at the foreclosure sale, then you will not be able to set aside the foreclosure sale. In addition to an inadequate purchase price, there must be some sort of fraud or irregularity in the foreclosure sale. If you are facing a foreclosure, contact our law office at 816-524-4949 or www.Hoorfarlaw.com.
The Missouri Court of Appeals for the Western District has stated that a person or business cannot sue for lost profits unless their business is profitable and they have proof of that profitability. If you believe you may have a lawsuit against someone, you can set up a free consultation with our law office by using our website at www.hoorfarlaw.com or calling us at 816-524-4949.
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 fall under this deduction because it takes 6-12 years for a Christmas tree to grow to full size.
Internal Revenue Code 263A allows a Christmas tree farmer to deduct all of their expenses up front, in one year. However, other tree farmers and other farmers must wait several years to enjoy the full deduction of their expenses.
Lastly, these two rules apply to Christmas trees grown in and out of the United States.
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 deducted up to $3,000 per year with a lifetime total of $10,000. The debt must be for an actual loan, not a gift, and must be considered completely worthless. This means that there cannot be any chance that you are going to get your money back.
Of course, in order to take the deduction, you will need to prove all of these elements, and a written loan document will go a long way in satisfying your requirements with the IRS. However, if you do ever get paid back after taking the deduction, you have to report that income on your tax return for the year in which you received it.
Missouri law allows a court to award attorney fees against one of the spouses. The award of attorney fees is not based on the division of property that occurs in the divorce. If you are facing a divorce and need assistance, contact our office at 816-524-4949 or www.Hoorfarlaw.com.
Missouri statutes presume an award of custody in favor of a child’s mother. However, a person can overcome this favoritism towards the mother by showing that they are a better parent for the child. If you are facing a custody battle, contact our office at 816-514-4949 or www.Hoorfarlaw.com.
Missouri has recently ruled that a child entering into private school may constitute a change in circumstances in order to modify child support. Private education is an extraordinary expense that Missouri courts can order a parent or both parents to pay.
If you are looking to modify your child support order, contact our law office at 816-524-4949 or www.Hoorfarlaw.com.
Another deduction designed to help students and former students is the tuition and fees deduction. This deduction is another deduction that is taken on the first page of a person’s federal income tax return.
This deduction allows a taxpayer to deduct the cost of tuition and related expenses that are paid for the taxpayer, the taxpayer’s spouse, or the taxpayer’s dependents.
The down side to this deduction is that it cannot be used in conjunction with the education credits. While the education credits can result in a tax refund, the tuition and fees deduction just reduces the tax amount owed as low as possible. But no refund can be generated because of the tuition and fees deduction. If you are needing some help with your tax returns, contact our office at 816-524-4949 or visit our website at hoorfarlaw.com.
Under the New Rules Due to new laws regulating the administration of Social Security benefits, divorced spouses, under the age of 62, will no longer be able to collect spousal benefits while their own Social Security benefits continue to grow. Under the new law, a divorced person must choose between taking their spousal benefits or taking their own Social Security benefits.
If you are getting a divorce or have been divorced, contact our law office at www.Hoorfarlaw.com or 816-524-4949.
Missouri law states that if you rear-end another person’s car, you will be deemed guilty and at-fault for the car accident unless you can prove otherwise.
If you have been in a car accident and need some help, contact our law office at 816-524-4949 or www.Hoorfarlaw.com.
