Tax Law

The Joy of Tax Law & Litigation

Pay down the federal debt and get a tax deduction
Here’s a tip for all you tax payers out there: Donating money to help reduce the federal debt counts as one of the more unusual charitable tax deductions.

In Politics, Tax News, Tax Tips taxes, White House, Charitable Donations, Tax deduction, Uncle Sam, Bureau of the Public Debt, Herbert Hoover, Great Depression, Public Debt
So you won your NCAA pool? Spare yourself (and us) by not talking about it on facebook

Bragging on facebook just isn’t classy, and it might land you in a world of trouble with the Internal Revenue Service.

Yup, turns out the IRS likes to troll too, according to new reports.

Kristen Mathews, a partner at Proskauer Rose, LLP who specializes in data security and privacy, says the IRS may monitor social media sights for tax cheats in the 2012 tax filing season. The reports indicate that people whose tax returns raise “red flags” may be subject to a social media check by the IRS. It is unclear to what extent these searches will go or how many people will be targets.

Now before you get all appalled and anti tax-man, the IRS isn’t the first organization – government or private – to check social media outlets for improprieties. The FBI and Department of Homeland Security have come under intense scrutiny for their use of social media to fight crime or terrorism, and nearly 70% of employers now have social media policies for their employees. Continue Reading…

In Tax News, Just for Fun, Tax Tips Audit, IRS, taxes, tax cheats, internal revenue service, social media, facebook, Gambling, NCAA, Guardian, Raytheon, United States Department of Homeland Security, Proskauer Rose, troll, louisville
Bankruptcy: Effects of filing joint insolvency petition
In case of filing chapter 7 or chapter 13 bankruptcies separately, it will take a debtor anywhere from several months to 2-3 years to complete the process. However, if the debtor is married, then it is better for him/her to file a joint bankruptcy petition along with his/her spouse; doing so will save both of them a lot of money and time.

In Estate Planning, Tax Tips Bankruptcy, debt, Debtor, Law, Sophie Kinsella
Struggling with medical costs? Don’t miss these overlooked tax deductions
Medical costs seem to increase every year. Uncle Sam can be there to foot some of the doctor bills, but you need to make sure you know and follow the rules. You can find those and overlooked tips for deducting medical expenses here.