Tag Archives: Tax

2016 Best Tax Preparer in Lee’s Summit

Posted on January 8, 2016 by Camron Hoorfar

We were just named the “2016 Best Tax Preparer in Lee’s Summit” by the National Directory of Registered Tax Return Preparers and Professionals. We could not be happier to receive this honor and look forward to continuing success within the … Continue reading →

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Appealing Your Missouri Tax Notice

Posted on December 17, 2015 by Camron Hoorfar

Missouri law allows a taxpayer to appeal a tax assessment by the Missouri Department of Revenue within sixty (60) days from mailing or delivery of the tax assessment, whichever is earlier.  Even if Missouri mails the notice of assessment to … Continue reading →

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Losing the Home Sale Exclusion Rule

Posted on December 15, 2015 by Camron Hoorfar

The United States tax code, Section 121(a), allows a taxpayer to sell their primary personal residence tax free as long as the taxpayer lived in the property for two or more years.  However, the maximum amount that can be tax … Continue reading →

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$10,000 or More

Posted on December 10, 2015 by Camron Hoorfar

Businesses in the U.S. and U.S. territories must file Form 8300 to report any cash payment in excess of $10,000.00.  The form must be filed within fifteen (15) days of the transaction.  Some examples of businesses that often have to … Continue reading →

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Missouri Offers Tax Amnesty Period

Posted on September 29, 2015 by Camron Hoorfar

Missouri has allowed a tax amnesty for any penalties and interest for taxes accrued before January 1, 2015 as long as the past-due taxes are paid between September 1 and November 30.  The tax amnesty applies to income taxes, use … Continue reading →

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Beware of New IRS Scams

Posted on August 20, 2015 by Camron Hoorfar

These days, scam artists are posing as IRS agents trying to scare people into paying the scam artists money. In order to stop this scam from happening to you, check out a few of these tips: Scam artists use scare … Continue reading →

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Back-to-School Education Credits

Posted on August 19, 2015 by Camron Hoorfar

There are two tax tips you should know about sending your children off to college: The American Opportunity Credit allows a tax credit of up to $2,500 per year per eligible student. This credit can be claimed for up to … 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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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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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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