Tag Archives: Tax

Judges Have to Pay Their Taxes Too

Posted on June 20, 2016 by Camron Hoorfar

A former U.S. Tax Court Judge and her husband have been indicted for obstructing an IRS audit and conspiracy to evade taxes of more than $400,000. It was found that for part of her term, Diane Kroupa and her husband … Continue reading →

Posted in General | Tagged , , , , , , , , , | Leave a comment

Ways to Pay

Posted on June 2, 2016 by Camron Hoorfar

There are a few different ways to pay the IRS. The IRS Direct Pay allows you to have your tax bill deducted directly out of your checking or savings account.  There is no charge for this option. The IRS also … Continue reading →

Posted in General | Tagged , , , , , , , , | Leave a comment

Stolen Identity on your Tax Return

Posted on March 28, 2016 by Camron Hoorfar

More than 80% of Americans file their income tax returns after April 1.  However, if you do not file early, you leave the potential for an identity thief to file a fraudulent tax return in your name, claiming a big … Continue reading →

Posted in General | Tagged , , , , , , , , , , , | Leave a comment

IRS Wants to Use Private Debt Collectors

Posted on March 14, 2016 by Camron Hoorfar

In an effort to collect more tax revenue, the IRS is wanting to send outstanding tax debts to private debt collection companies.  The debt collection companies would be then be able to report the unpaid tax debt on your credit … Continue reading →

Posted in General | Tagged , , , , , , , , , , | Leave a comment

Taxpayer Bill of Rights

Posted on February 29, 2016 by Camron Hoorfar

The IRS has issued bill of rights that every taxpayer has, and some of them are: You have the right to receive a tax notice informing you of the tax, interest, and penalties that the IRS claims you owe. If … Continue reading →

Posted in General | Tagged , , , , , , , , , | Leave a comment

Invest in Christmas Trees

Posted on February 16, 2016 by Camron Hoorfar

Internal Revenue Code 631 allows Christmas tree farmers to have their profits taxed at capital gain rates, instead of ordinary income rates like other businesses, as long as they sell Christmas trees at least 6 years old.  Christmas trees usually … Continue reading →

Posted in General | Tagged , , , , , , , , | Leave a comment

Family Loans

Posted on February 15, 2016 by Camron Hoorfar

If you have ever made a loan to your spouse’s family member with no chance in sight of getting your money back, you may be able to get Uncle Same to help you out. A nonbusiness bad debt can be … Continue reading →

Posted in General | Tagged , , , , , , , , , , , | Leave a comment

Tuition and Fees

Posted on February 8, 2016 by Camron Hoorfar

Another deduction designed to help students and former students is the tuition and fees deduction.  This deduction is another deduction that is taken on the first page of a person’s federal income tax return. This deduction allows a taxpayer to … Continue reading →

Posted in General | Tagged , , , , , , , , , | Leave a comment

Tax Preparation Fees

Posted on January 29, 2016 by Camron Hoorfar

An often overlooked itemized deduction is the deduction of tax preparation fees.  Generally, anyone you pay to prepare or assist in the preparation or review of your income tax return can be deducted on Schedule A. The tax preparation fees … Continue reading →

Posted in General | Tagged , , , , , , , , , | Leave a comment

Entertainment is Subject to Sales Tax

Posted on January 22, 2016 by Camron Hoorfar

Missouri has ruled that a person must pay sales tax on any activity that occurs in any place of amusement, entertainment, or recreation.  This rule includes dance lessons, as Miss Dianna’s School of Dance learned earlier this year.  Therefore, if … Continue reading →

Posted in General | Tagged , , , , , , , , , , | Leave a comment