In the vast majority of cases, there are more options for settlement than meet the eye. Having more options on the table increases the likelihood of finding one that is mutually acceptable. This is your chance to get creative! Continue reading
Your client lost in the trial court. Should you appeal? A key basis for appeal is that the trial court’s ruling on a question of fact was erroneous. Here’s how to go about identifying a factual determination that might form the basis of an appeal. Continue reading
Updated 2/2/18: Under new IRC §199A, owners of passthrough entities including a law practice organized as a partnership or professional corporation may deduct 20 percent of qualified business income, excluding reasonable compensation for the business owner. No deduction is allowed for passthrough income from personal services, including legal services, and the deduction is limited to 50 percent of wages paid to employees, but these limitations are phased in above an individual income threshold ($157,500 for single taxpayers, $315,000 for married taxpayers filing jointly). Taxpayers below the income threshold may deduct 20 percent of law practice income derived from the services of paralegals, associates, and other employees.
You’ve decided to open your own law office and are ready for your clients’ cases, but are you also ready to handle the tax issues that go hand-in-hand with running your own business? Continue reading