Law Office of Camron Hoorfar, PC

Couples getting married this year know there are a lot of details in planning a wedding. On top of everything, their first tax return as a married couple should be on their checklist. The IRS has tips and tools to help newlyweds consider how marriage may affect their lives.

Step 1: Taxpayers should check their withholding at the beginning of each year or when their personal circumstances change (like after getting married). Taxpayers who need to change their withholding should complete and submit a new Form W-4 to their employer.

Step 2: Marriage may mean a change of name. If either/both of the newlyweds legally change their name, it’s important to report that change to the Social Security Administration. The names on the taxpayer’s return must match the names on file at the SSA.

Step 3: If marriage means a change in address, the IRS and the U.S Postal Service need to know. Newlyweds can file Form 8822, Change of Address, to update their mailing address with the IRS. Go online to USPS.com or visit your local post office to forward your mail.

Step 4: Taxpayers who receive advance payments of the premium tax credit should report changes in circumstances to their health Insurance Marketplace as they happen. Certain changes to household, income or family size may affect the amount of premium tax credit.

Step 5: Newlyweds should consider their filing status. A taxpayer’s marital status on December 31 determines whether they’re considered married for that full year. Generally, the tax law allows married couples to file their federal income tax return either jointly or separately in any given year.

If you need tax help, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com

Dressbarn plans to close all of its locations. In a press release, the company’s chief financial officer stated, “This decision was difficult, but necessary, as the Dressbarn chain has not been operating at an acceptable level of profitability in today’s retail environment.”

For now, all stores and the website will operate normally. Plans for the closing of individual stores are expected to be shared with affected employees as the process begins.

If you are struggling financially and would like to speak to an attorney, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com

EuropaCorp SA, the French movie studio that made ‘Taken’ has filed for bankruptcy in the United States after releasing a string of failed movies. Poor performance of their latest movies such as “The Circle”, “Their Finest” and “Valerian and the City of a Thousand Planets” led to the downfall of the studio. The company has posted losses for the past two and a half years, which are the results of a 2014 decision to change how the company distributes their films.

If you are thinking of filing for bankruptcy, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com

If you buy a vehicle within 910 days of filing for Chapter 13 bankruptcy, you will most likely be required to pay the full debt amount of the vehicle, rather than the vehicle’s value amount.  However, if you purchased the vehicle more than 910 days from filing a Chapter 13 bankruptcy, you might be able to cram down the vehicle.  Cram downing a vehicle typically means that a Chapter 13 debtor can pay the value of a vehicle instead of what is actually owed on the vehicle.

If you are thinking of filing for bankruptcy and would like to speak to an attorney, contact our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.

If you are able to sue someone, due to a car accident or other injury, and you file for bankruptcy, the bankruptcy court could be entitled to some or all of your settlement.  Also, if you have a claim but do not tell the bankruptcy court, you may end up losing the claim altogether.

If you are in bankruptcy or have been involved in an accident and need assistance, contact our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.

A new report says Kansas is one of the least stressed states in the nation. The website WalletHub compared all 50 states on items such as hours worked per week, personal bankruptcy rates, and the average hours of sleep per night. Kansas ranked 11th on the list.

If you would like to speak to an attorney, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com

Bed Bath & Beyond is built on coupons, but after years of declining profits, the company is starting to pull back on its coupons. Approximately 30 years ago, the retailer started mailing out their famous 20% off coupons to bring customers into their stores. Bed Bath & Beyond is now mailing out fewer coupons and becoming stricter on how they can be used.

If you would like to speak to an attorney, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com

An estimated 39 million Americans will not be taking a summer vacation because they can’t afford to. Vacations typically cost $2,000 on average. 1 in 5 that can’t afford a vacation explain that debt and the cost of a vacation is the main thing that stands in their way.

If you are experiencing debt issues, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com

There are six things taxpayers should know about how the sharing economy might affect their taxes.

1. The activity is taxable: Sharing economy activity is generally taxable, even when:

• The activity is only part time;
• The activity is something the taxpayer does on the side;
• Payments are in cash;
• The taxpayer receives an information return like a Form 1099 or Form W2.

2. Some expenses are deductible: Taxpayers who participate in the sharing economy may be able to deduct certain expenses.

3. There are special rules for rentals: If a taxpayer rents out their home or apartment, but also lives in it during the year, special rules generally apply to their taxes.

4. Participants may need to make estimated tax payments: The United States tax system is pay-as-you-go. This means that taxpayers involved in the sharing economy often need to make estimated tax payments throughout the year. These payments are due on April 15, June 15, September 15 and January 15.

5. There are different ways to pay.

6. Taxpayers should check their withholding: Taxpayers involved in the sharing economy who are employees at another job can often avoid making estimated tax payments by having more tax withheld from their paychecks.

If you need tax help, contact our law office at 816-524-4949 or visit our website at Hoorfarlaw.com

Alliance of American Football has filed for chapter 7 bankruptcy. The filing lists more than $11 million in assets, but more than $48 million in liabilities. The assets include football equipment, uniforms, and contracts from the players.

If you are thinking about filing for bankruptcy, contact our law office at 816-524-4949 or visit our website at Hoorfarlaw.com