taxes

business travel expenses

How to Deduct Travel Expenses

As a lawyer, you often have to travel to serve your clients. Sitting around is simply not an option. Make sure to deduct those travel expenses for your next tax filing.

tax deducation

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.

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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.

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The Pros and Cons of Incorporating Your Practice As A Solo Practitioner

Setting up a business entity can minimize your annual tax bill. Many successful solo attorneys operate their practice as a corporation or other separate entity. Here's how you will determine if that is right for you.

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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 […]

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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.

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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.

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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.

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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 […]

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The Solo Lawyer’s Guide to Tax Deductions

Minimize your tax bill with deductions and avoid an argument with a tax advisor, or worse, an IRS auditor

“In most states, there is no reason to form a Corporation anymore “

CPA/attorney and LAB member, Jeff Vandrew, on the difference between entity choice and tax status: A single member LLC has a choice of the following tax statutes: disregarded entity (like a sole proprietorship), S-corporation, or C-corporation. A multi-member LLC has a choice of the following tax statutes: partnership, S-corporation, or C-corporation. A corporation has a […]

Tax Deductions and Pro Bono Work

You can't deduct the value of your time and services for charity, but you may be able to deduct other expenses for your pro bono services.