Tax,
Law Practice
Feb. 4, 2021
Tax rules that every lawyer in California should know
Money usually triggers taxes, and that is true for lawyers too. When the client pays you, you have income.
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.
Money usually triggers taxes, and that is true for lawyers too. When the client pays you, you have income. Retainers you are holding in trust that are really client monies are not income, until you invoice the client and pay yourself from the retainer. Inevitably, many lawyers need to know something about client tax issues too, at least in a general way. Some clients may even ask you whether the legal fees they pay you are tax deductible. Tax deductions for legal fees...
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