Are Contingent Attorneys’ Fees Tax Deductible?

Source: Checkpointmarketing.net If you agree to a contingent-fee arrangement with your attorney, you may wonder whether the expense is tax deductible for federal income tax purposes. Unfortunately, the guidance on this controversial issue isn't favorable to taxpayers in most situations. The federal income tax treatment of contingent fees...

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Reclassifying Business Expenses as Constructive Dividends

Source: Checkpointmarketing.net To be deductible, business expenses must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your field of business. A necessary expense is one that's helpful and appropriate for your business. The IRS sometimes challenges deductions claimed for...

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