Things Lawyers Think Are Tax Deductible That Are Not

Not everything that seems like a business expense is tax deductible. Here are a few things that lawyers commonly assume they can deduct, but they cannot.

Defusing the Student Loan Forgiveness Tax Bomb

Debt forgiveness isn't the same as tax forgiveness. Here's how to avoid an unexpected student loan tax bomb.

How Trump’s Tax Proposals Could Affect You and Your Firm

President-Elect Trump has proposed sweeping changes to the tax code. Here are some ways in which those proposed changes could affect you.

Why Your Tax Bill Could Be Higher Than You Thought

Several things can affect your tax bill. Here are some things to keep in mind as you do your end-of-year tax planning.

How To Tell Whether Your Bad Date is Tax Deductible

Deducting entertainment expenses is complicated to do. Nonetheless, if done right, you may be able to write off that bad date you recently went on.

7 Reasons You Might Get Audited

Unfortunately, there is no full-proof way to prevent a tax audit. But unexpectedly preparing for and enduring an IRS audit is a major time suck and about as entertaining as watching paint dry.

How Attorneys Can Help Lottery Winners

Last week, three Powerball ticket holders won the record $1.6 billion jackpot. Lottery winners are advised to hire an attorney to protect their money from scammers, opportunists and tax collectors. Here are some of the common issues that lottery winners and overnight millionaires will face. Ticket Disputes A large jackpot involving multiple people can lead […]

Year-End Tax Planning for Lawyers

A little planning goes a long way. It is actually pretty easy to stay on top of your taxes if you start the year with good estimates and end the year fine-tuning your liability with the help of your accountant.

Whether Married Lawyers Should File Separate Tax Returns

In most cases, filing jointly is beneficial because you will pay less taxes. But there are some situations that filing separately may be most beneficial financially.

Income-Based Repayment Is A Trap!

If you are a recent law school grad, you may have taken advantage of some student loan repayment plans that are slightly less awful than normal student loan repayment plans. You pay a fixed percentage of your (probably regrettably more meager than you would like) discretionary income and at the end of 20 to 25 […]