Tag Archives: Camron Hoorfar

Important Reminders about Tip Income

-Tips are taxable. You must pay federal income tax on any tips you receive. The value of non-cash tips, such as tickets, passes or other items of value are also subject to income tax. -Include all tips on your return. … Continue reading

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2014 Filing Season Continues with Higher Refunds Issued

The IRS released 2014 tax filing season statistics showing that 15 percent more refunds were already issued this year, compared to 2013 figures. Additionally, the average federal refund totaled $3,3211, an increase of $190 compared with the same period a … Continue reading

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Four Good Reasons to Direct Deposit Your Refund

Here are four good reasons to choose direct deposit: 1. Convenience. There is no need to make a trip to the bank to deposit a check. 2. Security. Sinces no risk of your refund check being stolen or lost in … Continue reading

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Five Facts about Unemployment Benefits

Here are five important facts from the IRS about unemployment compensation: 1. You must include all unemployment compensation in your income for the year. 2. There are several types of unemployment compensation. 3. You must include benefits paid to you … Continue reading

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Ten Facts about Capital Gains and Losses

Capital assets include property such as your home or car. They also include investment property such as stocks and bonds. A capital gain or loss is the difference between your basis and the amount you get when you sell an … Continue reading

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Four Things You Should Know if You Barter

Here are four facts about bartering: 1. Barter exchange. A barter exchange is an organized marketplace where members barter products or services. Some exchanges operate out of an office and other over the Internet. All barter exchanges are required to … Continue reading

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Bill my accountant

Under IRC 6672, the IRS can collect unpaid payroll taxes from anyone responsible for collecting or paying the employment taxes. This includes accountants as well. To read about a case that scares accountants, see Erwin, U.S. District Court, M.D. North … Continue reading

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Can’t take my EIC

K.S.A. 60-2315 allows a Kansas bankruptcy debtor to exempt the right to receive federal and state earned income credits. EICs are exempt in bankruptcy and trustees have no right to administer them. Visit our website at www.Hoorfarlaw.com.

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Tax Free Coffee

A Missouri court has ruled that a church operating a coffee shop is entitled to a sales tax exemption because its purpose was religious. To read more about coffee in the church, check out The Bridge Market and Faith Community … Continue reading

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DUI without driving

An officer has grounds to issue a DUI if they believe that you were driving the vehicle. The officer does not have to actually see you driving the vehicle. For more information, view: Missouri Court of Appeals, Southern District- SD32612 … Continue reading

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