Deducting a Disaster

Posted on June 11, 2015 by Camron Hoorfar

personal propertyDeducting a Disaster

If you suffer a loss to your personal property or real estate because of a natural disaster, you may be able to deduct the losses you incur.  Here are some tax tips to keep in mind when deducting a disaster loss:

  1. The deduction is a disaster loss is called a casualty loss, which occurs when there is a sudden, unexpected, or unusual event.
  2. You cannot deduct the normal wear and tear to real or personal property.
  3. You must reduce your casualty loss deduction by the amount that you receive from any insurance claim.
  4. You must deduct your casualty loss in the year in which the disaster occurred.
  5. If you are taking a casualty loss on your personal property, you must reduce your loss by $100.
  6. If you are taking a casualty loss on your personal property, you must reduce your loss by 10% of your adjusted gross income.
  7. Report your casualty loss on Form 4684.

If you are facing a casualty loss or need some tax assistance, contact our office at www.Hoorfarlaw.com or 816-524-4949.

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Guardian Ad Litems

Posted on June 10, 2015 by Camron Hoorfar

Guardian Ad Litems are attorneys that represent the interests of a child or children during a divorce or custody modification.  In a custody modification, unless charges of abuse or neglect are pleaded or shown, a Guardian Ad Litem must be appointed in order to represent the child or children.  Abuse is not considered to occur if the conduct occurred during the marriage, conduct between the mother and father, and conduct of a third party.  Bad parenting also does not constitute abuse.  If you are facing a divorce or child custody battle, contact our office at www.Hoorfarlaw.com or 816-524-4949.

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Spending $1 million

Posted on June 9, 2015 by Camron Hoorfar

$1 million

 If you had $1 million in savings, how long would it last you? Here are some answers:

  1. At $30,000/year, it could last you 25 years.
  2. At $40,000/year, it could last you 20 years.
  3. At $50,000/year, it could last you 14 years.
  4. At $60,000/year, it could last you 7 years.

If you are feeling more in debt than you think you should, or maybe that your retirement isn’t stacking up to what it should be, feel free to contact our office at 816-524-4949 or www.Hoorfarlaw.com.

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Required Retirement Plan Distributions

Posted on June 4, 2015 by Camron Hoorfar

retirement 3

For anyone who is age 70.5 or older with an IRA, retirement plan, or a Roth IRA, you are required to take a required minimum distribution.  A required minimum distribution is a required withdrawal of your retirement account.  If you are required to take a minimum distribution, you must do so before April 1 of this year if this is the first year you were 70.5 or older.  Otherwise, you must take your minimum distribution on or before December 31 of this year.

If you are having tax issues or are not familiar with required minimum distributions, contact our law office at 816-524-4949 or www.Hoorfarlaw.com.

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Criminal Plans

Posted on June 3, 2015 by Camron Hoorfar

criminal

Be careful what you are thinking of.  A Missouri man was convicted of attempted assault and armed robbery when he purchased rifles, practiced shooting them, and made plans to shoot people at a local Wal-Mart.  In his instance, the court found that there was sufficient evidence to convict him of attempted assault and attempted armed robbery.  If you have been charged with a crime and need help, contact our office at 816-524-4949 or www.Hoorfarlaw.com.

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Title Issues with Tax Sale Properties

Posted on June 2, 2015 by Camron Hoorfar

sold

If you or someone you know has bought real estate at a county tax sale and is having trouble selling the property because of title defects, there may be a resolution for you.  Actions to quiet title can be used to fix or remedy any title defects that are found by title companies.  If you need help with the title defects of real estate you purchased or own, contact our office at 816-524-4949 or www.Hoorfarlaw.com.

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Withdrawing a Guilty Plea

Posted on May 27, 2015 by Camron Hoorfar

If you have pled guilty to a crime and later wish to withdraw that guilty plea, you will have to show that your guilty plea was based on fraud, mistake, misapprehension, coercion, fear, persuasion, or the holding out of false hopes.  It may be difficult to withdraw a guilty plea, but it is not impossible.  If you pled guilty to a crime that you wish to withdraw, contact our office at 816-524-4949 or www.Hoorfarlaw.com.

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Bankruptcy Filings are Down

Posted on May 21, 2015 by Camron Hoorfar

bankruptcy 2

When comparing the first quarter of 2015 with the first quarter of 2014, bankruptcy filings have dropped 12%.  Both personal bankruptcies and business bankruptcies have decreased from 2014 to 2015.  This could be a sign that the economy is getting better.  Or it could be a sign that the economy is worsening and that bankruptcy is becoming unaffordable for more and more people.  If you are thinking of filing for bankruptcy and are looking for affordable assistance, contact our office at 816-524-4949 or www.Hoorfarlaw.com.

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Gay Marriage Does Not Terminate Alimony

Posted on May 20, 2015 by Camron Hoorfar

Under Missouri law, a person who is paying alimony or maintenance to their former spouse can stop paying alimony once their former spouse re-marries.  However, because Missouri does not recognize gay marriages, if the former spouse enters into a gay marriage, the person must continue to pay the alimony or maintenance.  If you are facing divorce, a custody battle, or want to fight your alimony, contact our office at 816-524-4949 or www.Hoorfarlaw.com.

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Losing Your Rights as a Parent

Posted on May 19, 2015 by Camron Hoorfar

parenting plan

A Missouri court took away the rights of a mother where she continued to lack stable housing, did not have stable employment, had issues visiting her children, tested positive for drugs, failed to update her address with the court, and did not have a nurturing ability.  In addition, the mother stated that she did not have the necessary funds to purchase the medication that one child needed.  If you are facing a custody battle or are fighting the state to keep your children, contact our office at 816-524-4949 or www.Hoorfarlaw.com.

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