Tax,
Law Practice
Dec. 14, 2017
House and Senate tax bills target contingency fees
Many lawyers assume that if they pay for a deposition transcript, a court reporter, or travel expenses for a hearing, they can deduct these costs as business expenses on their taxes.
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.
Many lawyers assume that if they pay for a deposition transcript, a court reporter, or travel expenses for a hearing, they can deduct these costs as business expenses on their taxes. The same for expert witness fees. These are all usual kinds of business expenses for lawyers, one would assume. So how could there be a tax problem?
One question is who really bears the impact of these expenses, lawyer or client, and when? The tax law says that business expenses have to be ord...
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