Posts filtered by tags: Tax Law[x]


 

Federal Taxes: Can I Claim My Children and File Taxes

I am a single father of two one stays with me fulltime and the other over half of the time. We live only off of my VA disability check 60% Can I file taxes and claim my children?
Tags: Law, Tax Law


Federal Taxes: W2 Employee Job Related Travel Expenses - Disallowance in Schedule a

Hi: 1) W2 employees of a specific subclass (Armed Forces reservists, qualified performing artists, and fee-basis state or local government officials) can deduct job related travel expenses away from "home". 2) W2 employees outside of the subclass stated in clause 1 above CANNOT take the same deduction. 3) Is the subclass creation in clause 1 consistent to the Federal Equal Protection provision ? Has anyone started a discussion along this thread ? Both are W2 employees, assuming arguendo both ...
Tags: Supreme Court, Law, Tax Law, Armed Forces, Bolling, Walters, Sharpe, Equal Protection Clause, City of St Louis, Justices Douglas


Federal Taxes: Tax Return of 22 Year Deceased Son

22 year son passed away 2017. no will. he filed tax return-how do i obtain it?
Tags: Law, Tax Law


Contract Attorneys Must Watch Their Tax Withholdings To Avoid A Nasty Surprise Bill

Contract attorneys must monitor withholdings and pay estimated taxes -- just like every solo practitioner does.
Tags: Taxes, Law, Tax Law, Small Law Firms, Contract Attorneys, Steven Chung


Can the Ways and Means Committee Get Hold of Anyone's Tax Returns W/O a Court Order

As most, if not all of you know, the chairman of the Ways and Means Committee has requested President Trump's tax returns. I am not here to have a debate on the situation, but.... If the chairman of the Ways and Means Committee wants the President's tax returns dating back to when he was a private citizen, is it just a matter of the chairman making the request, and the IRS handing them over? Or does there have to be a court order first? And what about a private citizen? If the chairman of the ...
Tags: Law, Irs, Tax Law, Trump, Ways and Means Committee


Startup Law A to Z: Regulatory Compliance

Startups are but one species in a complex regulatory and public policy ecosystem. This ecosystem is larger and more powerfully dynamic than many founders appreciate, with distinct yet overlapping laws at the federal, state and local/city levels, all set against a vast array of public and private interests. Where startup founders see opportunity for disruption in regulated markets, lawyers counsel prudence: regulations exist to promote certain strongly-held public policy objectives which (unlike...
Tags: Google, Security, Startups, TC, Lawsuit, Legal, Taxes, Privacy, Law, Finance, Government, Employment, Tech, Tax, Banking, Policy


If You Are Married With Student Loans, You Might Save Money By Filing Your Tax Returns Separately

Of course, this is easier said than done. In reality, the calculation and choosing how to file can get complicated.
Tags: Law, Uncategorized, Student Loans, Law Schools, Tax Law, Income-Based Repayment (IBR, Steven Chung, Pay As You Earn (PAYE, Revised Pay As You Earn (REPAYE, Income-Contingent Repayment (ICR


Federal Taxes: Part Time Employee Had an Aca Marketplace Plan with Subsidy but Received a 1095c

I've been with a large national company for 10 years as a part time employee. To my knowledge they don't offer and have never offered health insurance to part time employees for as long as I've been with the company. Therefore to comply with the ACA, I signed up with the Healthcare Marketplace since the law went into effect and received a subsidy toward my premiums since 2014. I've never received a 1095c for prior years. However, this year I received a 1095C with code 1E on line 14 and code 2G o...
Tags: Law, Tax Law, Healthcare Marketplace


The Best Law Schools For Tax Law (2020)

A ranking for what may be considered one of the most prestigious and sophisticated practice areas.
Tags: Law, Rankings, Law Schools, Tax Law, Law Students, U.S. News 2020 Law School Rankings


Consider This Your Friendly Tax Season Reminder That Trump’s Supposed Tax Cut Was Just Another Scam

The Tax Cuts and Jobs Act of 2017 was a corporate giveaway and a messaging scam.
Tags: Law, Finance, Tax Cuts, Donald Trump, Tax Law, Share Buybacks, Jonathan Wolf, Tax Cuts and Jobs Act of 2017


Federal Taxes: Lump Sum Disability Payments

What and how do you handle lump sum payments for disability? I was awarded Social Security Disability starting in August 2017. I was given a $11, 000 lump sum check in January of 2018. $3000 of that 11,000 was taken to pay the attorney so I only received a little over $7000. My Form SSA-1099 reflects that extra $11,000 in my total benefits for 2018 (Box 5). How do I handle the $11,000 and $3000 on my 2018 income taxes? One of the tax programs says I count it as income but that then sho...
Tags: Law, Tax Law


State Taxes: Amtrak Act in Oregon

Several years ago I lived in Washington state. My employer was in Oregon. I would drive to Oregon, pick up my work truck and then drive back into Washington where my route was. I believe this qualifies me to use the Amtrak act. I lived in Washington for a total of one year; approximately six months on one calendar year and six months on the other. I filed federal taxes for both of these years. I never filed state because I was unsure how to do it, so I kept putting it off. I normally do my own ...
Tags: Law, Washington, Oregon, Tax Law, Amtrak


What Form to File for Gift Deed Reservation of Life Estate

Hello, trying to figure out what form to file for taxes. My mom had passed away in 2007 and my dad passed away February of last year. In 2005 we had created a living trust (their house was part of being in the trust) while both parents were alive, after my mom's passing in 2007, my dad setup/recorded "Gift Deed reservation of life estate" in 2008. This meant after his passing their sole house would be split between my brother and I. We sold the house in September of last year. The house nee...
Tags: Law, Tax Law, Gift Deed Reservation of Life Estate


Morning Docket: 02.28.19

* Uh-oh! In the wake of Michael Cohen's testimony, Chairman Rep. Elijah Cummings of the House Oversight Committee sent letters to President Trump's tax attorney from Morgan Lewis and the Trump Organization's outside counsel from Michael Best requesting their appearance for a “transcribed interview.” [National Law Journal] * After widespread rebuke, the Florida Bar has officially opened an ethics investigation into Rep. Matt Gaetz's alleged witness tampering of Michael Cohen via tweet prior to h...
Tags: Money, Law, Bill, Women's Issues, Law Schools, Biglaw, Tax Law, Aba, Legal Ethics, ABA Journal, Trump, Florida Bar, Elijah Cummings, Michael Cohen, Milbank, Florida Bar Association


Local Taxes: Property Tax Increase Classified As 401 Residential Improved for Multiple Years

Hello Everyone, My property tax issue is in the state of Michigan. I received a letter showing my taxable value is increasing this year from $62,719 to $71,224 (more than the allowable 1.024 inflation rate) for a substantial property tax increase. It says, this property is classified as 401 (Residential Improved), prior years classification was also 401 (Residential Improved). A little background: In 2014 we had a tornado that caused significant property damage to the exterior of my home, de...
Tags: Law, Google Earth, Michigan, Tax Law


IRA - First Time Required Minimum Distribution at Age 70.5

Hello! I will turn 70 1/2 before June 30th this year and am required to make my first minimum distribution from my IRA. I see where I can defer this distribution the FIRST year to April 1,2020. My question is: May I take a partial RMD for 2019 and the rest of 2019's RMD in 2020 along with the RMD for 2020? I know that would have to be reported as income in 2020. Thanks.
Tags: Law, Ira, Tax Law


Staple or Paperclip Your Return.the Ultimate Tax Question

Such an inane question, but I can find no authoritative answer on this simple question, not even from the IRS. Any one tax forum with tax professionals will render totally different answers. So, is there an authoritative answer? Do I staple or paperclip my return, or none? If stapled or paperclipped....exactly where on the page should the staple or clip be attached? Crazy, nutty...but I've never found an final answer for this.
Tags: Law, Irs, Tax Law


What to Do If You Owe Taxes This Year

So, you took our advice and filed your taxes this early year, only to discover that, lo and behold, you actually owe money to the government (tax refunds were eight percent lower than last for those who filed during the first week of tax season). If that tax bill is more than you can afford to pay at the moment you…Read more...
Tags: Personal Finance, Money, Taxes, Tax Time, Lifehacks, Penalties, Irs, Tax Law


Federal Taxes: Deductions for Home Acquisition Debt vs. Refinancing

My question involves real estate located in the State of: CA If I took out a loan before Dec. 15, 2017 but refinanced after this date, am I limited to $1m or am I limited to $750k?
Tags: Law, Tax Law


State Taxes: Core Charge on Battery

Why is it that I get taxed on core charge for buying a battery but when I return the old battery, I only get my core charge back? I do not get the tax that was charged on my core charge back.
Tags: Law, Tax Law


Federal Taxes: Tax Basis for Capital Investment in a One-Member LLC

I'm considering setting up an LLC or S corporation for my new business; it will be a one-owner business. I understand that a one-member LLC is treated as a sole proprietorship by the IRS, and thus, there is no tax basis treatment applied to a one-member LLC with profits unless I take the IRS Form 2253 election for S corp treatment. I'm stuck on the tax-basis treatment of profits and resulting tax treatment. It seems if I invest $10,000, my tax basis is $10,000. If I earn $20,000 first year, only...
Tags: Law, Irs, Tax Law, LLC, Tax Basis for Capital Investment


Federal Taxes: Non-Custodial Parent is Claiming Children on His Taxes

The mother of my stepchildren whom me and my husband share legal and primary custody of has claimed the kids for the past 3 years and again for 2018. They have not lived with her since 2015 yet the IRS still allows her to claim them. We've had to ammend our taxes every year and eventually get whats owed to us. My question is why is the IRS still allowing her to claim them after weve sent them proof every year that said kids have been living with us since 2015? What can we do? Can we sue in civi...
Tags: Law, Irs, Tax Law


Non Custodial Parent Claiming Children

The mother of my stepchildren whom me and my husband share legal and primary custody of has claimed the kids for the past 3 years and again for 2018. They have not lived with her since 2015 yet the IRS still allows her to claim them. We've had to ammend our taxes every year and eventually get whats owed to us. My question is why is the IRS still allowing her to claim them after weve sent them proof every year that said kids have been living with us since 2015? What can we do? Can we sue in civi...
Tags: Law, Irs, Tax Law


Federal Taxes: Claiming Dependants

State of GA Mother and children live in GA the entire 12 months of the year. Mother is the sole provider. Biological father lives in PA, does not pay child support and hasn't seen the children in 10 years. Bio dad claims children on taxes. Can mom sue? Can mom report dad for tax fraud? What can be done? Can social security numbers be changed due to fraud? Should the police be alerted?
Tags: Law, PA, Tax Law


Many Lawyers Will Be Getting Screwed This Tax Season

You can probably kiss that refund check you were hoping for goodbye.
Tags: Law, Biglaw, Tax Law, Quote Of The Day, Ben Williams, Tax Refunds, Tax Cuts and Jobs Act


Morning Docket: 02.08.19

* Earlier this week, Justice Samuel Alito blocked a Louisiana abortion law, and now a divided Supreme Court has done the same, with Chief Justice John Roberts joining with the Court's liberals to protect women's right to choose without undue burdens. Justice Brett Kavanaugh penned the dissent -- so much for "precedent on precedent." [USA Today] * After some back and forth over the threat of a subpoena, Acting Attorney General Matt Whitaker has agreed to testify publicly on the Mueller probe bef...
Tags: New York, Supreme Court, Law, Washington Post, Court, Cnn, Abortion, Federal Judges, Louisiana, Usa Today, Donald Trump, Rudy Giuliani, Law Schools, Tax Law, Defamation, Trump


5 Reasons Why Your Taxes Might Be Higher Under The New Tax Law

For some, the the Tax Cuts And Jobs Act may not be as great as it sounded.
Tags: Law, Tax Law, Small Law Firms, Tax Cuts and Jobs Act, Steven Chung


Federal Taxes: Offer in Compromise

Hello All, The long and short is I owe $32,000 in Fed taxes. I am in a current installment agreement. The problem is, the interest and penalties in comparison to my monthly payment, I am only really paying around $73.00 toward principle. At this rate, it is going to take a lifetime to pay off. LITERALLY! Now here is where it gets tricky. I used the OIC tool on the IRS site and I "could" qualify for an OIC. Sounds great, right? NO!!! In reading the qualifications, it lists all monthly expenses...
Tags: Law, Irs, Tax Law, Fed, OIC


Pass-Through Deduction.or Principal-Agent Relationship Blurred Past the Point

Apologies for length. In 2018 I won a legal settlement arising from my eviction from my home/studio. Not a passive claim, all administrative, store equipment and editing done there. I ended up moving 30 miles away from majority of my client base. My business is creating legal presentations for trial and mediation. For tenants rights lawyers. Represented by my client's firm AND working for them simultaneously. BUT not being paid for my services. My work greatly exceeded the normal, including hiri...
Tags: Law, Tax Law, Prin


Why You Might Owe Taxes This Year

Who doesn’t love a surprise tax bill?Read more...
Tags: Personal Finance, Money, Taxes, Lifehacks, Refund, Tax Law