Legal fees cannot be accurately described as cheap. According to Lawyers.com, attorney fees range anywhere from $100 to $400 dollars, depending on the services offered and the geographic location. However, if they offer specialized expertise in the law, their rates are likely to be much higher. Chapter 7 bankruptcy, for example, usually leads to an…
Several different big deductions, like charitable donations, educator expenses, health insurance premiums, energy savings home improvement credits, and even points on refinancing a home that many taxpayers overlook. In addition, many do not realize that they can make legal fees tax deductible to lower the amount they owe every April. Typically, tax deductible legal fees…
People are always wondering if things are subsidized, taxed, or under some kind of rule or regulation that they may not be aware of. On August 29, the Wall Street Journal published stories about subsidies and tax deductions making it much easier for people in the world of medical care. While all of that is…
The tax deductibility of legal fees can vary on a case by case basis. If you have any questions, of course you should always consult a tax professional. That being said, there are a few general rules of thumb to remember so that you can know when to ask that professional. If any of these…
Have you always wondered whether you can deduct legal fees you have incurred for the tax year on your taxes? The deductibility of legal fees is a subject that has been discussed at great length by lawyers and by tax experts, and the answers have always been a bit sketchy. That is largely because deducting…
Legal fees are not specifically stated to be tax deductible, but tax deductible legal fees are possible, depending on the context in which the fees are accrued. Sometimes provisions are absent in parts of the Code, which make one able to, with a skilled lawyer, deduct legal fees. Deductibility of legal fees is contingent upon…
If you are a professional being sued in relation to your business, your legal fees are allowable expenses. Any allowable expenses are tax deductible, regardless if legal fees involve civil or criminal cases against you and your business. However, it is easy to get confused about tax deduction for legal fees, which is why many…
Are you looking at your expenses for this year and wondering about the deductibility of legal fees? As it turns out, you can get legal fees tax deduction, though it does not, of course, apply to all legal fees. Unfortunately, personal legal fees are non deductible, so personal issues such as divorce or slander via…