Tag Archives: Attorney

Military Tax Breaks

Posted on August 5, 2015 by Camron Hoorfar

The IRS has allowed for certain tax breaks for members of the Armed Forces. Below are some of the tax breaks provided to servicemen and servicewomen: Members of the military in combat zones receive extensions on the due dates of … Continue reading →

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Charity

Posted on August 4, 2015 by Camron Hoorfar

You can generally deduct the full amount of the donation as long as it is to a qualified nonprofit. Some examples of qualified nonprofits are churches, governments, hospitals, the Salvation Army, United Way, Boy Scouts of America, and the American … Continue reading →

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Claiming Insanity

Posted on July 28, 2015 by Camron Hoorfar

Missouri courts require that when a person is declared mentally incompetent, that person cannot be tried, convicted, or sentenced of a crime. In order to be declared mentally incompetent, the jury must decide that you are mentally incapacitated and then … Continue reading →

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Mortgage Interest

Posted on July 22, 2015 by Camron Hoorfar

Anyone who owns a home as their primary residence and has a mortgage on the property can deduct the mortgage interest as an itemized deduction on Schedule A of their personal income tax return. In order to deduct the amount … Continue reading →

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Medical Expenses

Posted on July 21, 2015 by Camron Hoorfar

If you itemize your deductions for a tax year, then you may be able to deduct your personal medical expenses. The expenses, if deducted, are reported on your Schedule A. Unfortunately, you are only able to deduct the amount of … Continue reading →

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Canceled Debt

Posted on July 17, 2015 by Camron Hoorfar

The cancellation of debt, meaning any debt you are personally responsible for, can be taxable to you. Around the office, we call this “phantom income” or “ghost income” because it is not actually money that you received, but the IRS … Continue reading →

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Social Security

Posted on July 15, 2015 by Camron Hoorfar

  If you, or someone you know, receive Social Security benefits or will receive them soon, here are a few tips for you to remember. First, if your only source of income is Social Security, then your benefits will not … Continue reading →

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Vacation Property

Posted on July 14, 2015 by Camron Hoorfar

When you have real estate that generates rental income for you, you must report your rental income and rental expenses on Schedule F of your personal tax return. However, there are certain limitations that can apply if you use the … Continue reading →

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Rollovers

Posted on July 10, 2015 by Camron Hoorfar

A rollover is when a person withdraws or takes money out of one retirement account and moves it to another retirement account. If done correctly, then the transfer of money from one account into another is not taxable. One requirement … Continue reading →

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Pensions

Posted on July 9, 2015 by Camron Hoorfar

There are two general rules when it comes to the taxation of pensions. The first rule is that any money you receive from a pension or retirement plan that you did not contribute to or you used tax free money … Continue reading →

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