Tag Archives: Tax Tip

That’s Insane! Part Four:

Posted on August 19, 2016 by Camron Hoorfar

For another installment of insane world of tax deductions, we take a look at, now aptly name, Chesty Love. This exotic dancer was able to successfully sue the IRS for her new breast implants to be considered a business deduction. … Continue reading →

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Tax Benefits that have been Extended for 2015

Posted on January 7, 2016 by Camron Hoorfar

On December 18, 2015, President Obama signed into law the Protecting Americans from Tax Hikes Act (PATH Act). The new law extends the following tax benefits: Additional Child Tax Credit – The income threshold limit was changed from $10,000, indexed … Continue reading →

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Kansas Offers Tax Amnesty Period

Posted on October 28, 2015 by Camron Hoorfar

Kansas has allowed a tax amnesty for any penalties and interest for taxes accrued before January 1, 2014 as long as the past-due taxes are paid between September 1 and October 15.  The tax amnesty applies to income taxes, estate … Continue reading →

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Small Business Retirement Plan Penalty

Posted on June 24, 2015 by Camron Hoorfar

If you are a small business with a retirement plan, here are a few tips you should check out: Plan administrators and sponsors who fail to file the required forms can face up to $15,000 in penalties per return. There … Continue reading →

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2014 Tax Tip #8 – IRS Fees

Posted on December 24, 2014 by Camron Hoorfar

The filing fees for installment agreements have increased to $120.00 and the filing fees for offers-in-compromise have increased to $186.00.  If you need assistance getting an installment agreement or offer-in-compromise, contact our office at 816-524-4949.

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2014 Tax Tip #7 – Health Insurance Penalties

Posted on December 23, 2014 by Camron Hoorfar

After 2013, taxpayers must pay a penalty if they do not maintain minimum health insurance coverage.  However, there are a number of exceptions that you may qualify for.  If you need assistance in preparing a tax return, contact our office … Continue reading →

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2014 Tax Tip #6 – Mileage

Posted on December 22, 2014 by Camron Hoorfar

The 2014 optional mileage allowance for vehicles used for business travel has decreased to 56 cents per mile.  Medical mileage has also decreased to 23.5 cents per mile.  If you need assistance preparing a tax return using mileage, contact our … Continue reading →

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2014 Tax Tip #5 – Payments from an LLC

Posted on December 19, 2014 by Camron Hoorfar

The Tax Court has stated that disbursements, or payments, from an LLC taxed as a partnership to its primary owner were considered guaranteed payments.  Guaranteed payments are subject to self-employment taxes.  If you need tax assistance, contact our office at … Continue reading →

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2014 Tax Tip #4 – Bitcoins

Posted on December 18, 2014 by Camron Hoorfar

The IRS has stated that virtual currency is treated as property for tax purposes and will be subject to general tax principles for property transactions.  For more tax help, contact our office at 816-524-4949.

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2014 Tax Tip #2 – Expired Tax Breaks

Posted on December 16, 2014 by Camron Hoorfar

The following is a list of tax breaks that expired at the end of 2013: Deduction for state and local taxes; Tax-free distributions from IRAs for charitable purposes; Deduction for mortgage insurance premiums; Deduction for tuition; Deduction for mortgage insurance … Continue reading →

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