Sep. 20, 2010
Legal Fee Tax Rules Every Lawyer Faces
No one likes paying legal bills. Here are 10 tax tips that will alleviate some of the pain and help you find the best way to allocate fees.
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
No one likes paying legal fees, but a client paying $10,000 in fees who can deduct them at a combined 40 percent tax rate is actually paying only $6,000. But clients cannot deduct all fees, and some deductions are better than others. Here are 10 rules every lawyer should know about taxes and legal fees.
Contingent attorney fees are income. Before addressing deductions, there's one big income worry. Legal fees paid by so...
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