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  • Consider Taxes before Converting Your Home to a Rental Property
    It's popular for property owners in certain markets to rent out their former residences. Doing so generates income that's largely offset by tax deductions and allows you to potentially participate in the property's future appreciation in value. Before making the home-to-rental conversion, however, it's important to understand the special and Read More
  • Sharing Tax Issues in the Sharing Economy
    Mobile apps and online platforms have revolutionized the way many businesses offer services to consumers. Examples of the so-called "Gig" are widespread from ride sharing and vacation rentals to on-demand housekeeping and legal advice. If you decide to jump on the sharing economy bandwagon, it's important to understand the tax Read More
  • Reclassifying Business Expenses as “Constructive Dividends”
    Corporations that make payments to shareholders beware: The IRS may challenge deductions claimed for certain business expenses and other related-party transactions. An inquiry could lead to reclassification of certain payments as constructive dividends, which could have unfavorable tax consequences for the company and its shareholders. Here's a recent Tax Court Read More
  • Are Contingent Attorneys’ Fees Tax Deductible?
    Individuals who agree to attorneys' fees that are contingent on the outcome of their case may wonder if they can deduct the fees on their personal tax returns. The federal income tax treatment of contingent attorneys' fees taken out of a taxable non-business judgment or settlement has led to litigation Read More
  • The Ins and Outs of Deducting Legal Expenses
    Many individuals are surprised to discover that legal expenses usually aren't currently deductible under the federal income tax rules. Here are some exceptions to this general rule, including two recent real-life examples that highlight when legal expenses may, at least partially, be deductible. Read More
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