The IRS has recently filed a tax lien against Floyd Mayweather for over $22 million. This just proves that no on escapes the tax man, not even celebrities.
If you are in tax trouble and need some help, contact our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.
During the cold war, a forerunner in the preparation movement decided to build himself a nuclear fallout shelter. He then tried to offset the expense with a tax deduction, claiming the cost as a deduction for preventative medicine. The IRS denied his deduction and so far World War 3 hasn’t happened so his attempted foresight didn’t really pan out for him; a lucky break for the rest of the world.
It may not be the end of the world, but having tax issues can feel like it. If you are having trouble with your taxes give us a call at 816-524-4949 or visit our website at www.Hoorfarlaw.com.
Not all family expenses are deductible. One gentleman in New Jersey discovered this when he tried to deduct “a bubble of pure air”. He was fed up with the poor quality of the northern New Jersey air and tried to claim a deduction for enclosing his family in a bubble as a medical expense. The deduction was denied but the revenue agent found the whole situation so silly that they waived all penalties.
If you are having tax issues, give us a call at 816-524-4949 or visit our website at www.Hoorfarlaw.com.
Wouldn’t it be nice if the IRS allowed a deduction so that you and your spouse can go on a date night? Well they don’t. But one woman, in Kingsley v Commissioner, was allowed a deduction for paying a babysitter while she performed charity work. Babysitting fees were deductible when the baby sitter was hired so that the taxpayer could do volunteer work for a charity. This is contrary to the IRS position on the issue which states that such a deduction is now allowable. If you are going to try, the services must have been for a qualified charitable organization and you can’t be reimbursed for your expenses.
If you are having tax issues you can contact us by phone at 816-524-4949 or visit our website at www.Hoorfarlaw.com.
As any parent knows, kids are expensive especially once they can walk, talk, and play sports or other extracurricular activities. To help with these expenses, the government offers the Child and Dependent Care Credit. This credit is up to $1,050 for one qualifying person or $2,100 for two kids. It is important to know that you don’t have to spend money on both kids to get the full credit. so if one kid spends summer with grandma (free!) and the other spends it at that pricey circus camp they have been dying to go to, you may be able to get the full $2,100 credit.
To qualify, the expense must be incurred for a dependent under age 13, or in some limited instances, a disabled person. the care must have been incurred so that you and your spouse (if married) can work or look for work. Lucky for those parents looking to raise the next superstar athlete, sports camps count if those requirements are met.
If you have any questions about the Child and Dependent Care Credit give us a call at 816-524-4949 or visit our website at www.Hoorfarlaw.com.
Kansas, like several others, actually imposes a tax on the purchase or possession of a controlled substance within the state of Kansas. When the drug dealer pays the tax, they are given a special stamp to attach to the drugs. the stamps are valid for three months. The stamps can be purchased in advance.
If the dealer is found with any drugs that don’t have a valid stamp, they can be subject to penalties for failing to have a valid stamp. These penalties can include fines, seizure of property, or liens against real estate, and, here’s the real kicker, possession of valid stamps don’t make possession of the drugs legal so the dealer can be prosecuted for possession or sale of the drugs even if they have the proper stamps.
If you are having tax issues you can contact us by phone at 816-524-4949 or visit our website at www.Hoorfarlaw.com.
Our attorney, Camron Hoorfar, has been chosen as a Missouri Top 10 Under 40 Attorney for family law by the National Academy of Family Law Attorneys.
The clothing retailer Gymboree may be filing for bankruptcy soon after it decided not to make an interest payment on $171 million of bonds that came due.
If you are struggling to pay your bills and need some assistance, contact our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.
The owner of the restaurant Joe’s Crab Shack has filed Chapter 11 bankruptcy due to falling food sales. The owner may attempt to sell the restaurant for $50 million.
If you are interested in learning more about bankruptcy and what it could do for you, contact our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.
The clothing retailer BeBe Stores, Inc. may avoid bankruptcy by closing its stores and entering into various real estate deals.
If you own a business in financial distress and need some guidance, contact our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.