Archive for January, 2010

Tax deductible??? Medical costs paid from lawsuit payout?

Friday, January 22nd, 2010

I was hit by a semi, after years of litigation I was awarded
$100K out of court. $30K went to attorneys fees and $23,6K went to pay medical fees. Is this $ tax dedeuctable as medical costs???

Judy is correct. It would be great if you got tax free money(personal injury settlement) and deduct expenses paid with that money.

If you paid and deducted medical expenses that you later got reimbursed for, you may have to include the reimbursement as income in the year received up to the amount of the deduction for those expenses. See Publication 525 the section under "Recoveries"

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Why are so many people afraid of IRS audits?

Friday, January 22nd, 2010

Why is this usually considered to be such a big deal? Are there serious negative consequences?

Audits are stressful. If a person has no errors in their return, it is a straight-forward process of just presenting the evidence to support any questioned items.

If, however, a person has taken liberties with the law, it can result in not only a large tax bill (plus interest and penalties) but also charges of civil or criminal fraud.

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Minnesota Divorce Lawyer,Attorney Legal Services,Lawyers Personal Injury,Criminal Defense Attorneys,Counsel,Mediator,Counselor,Power of Attorney,Immigration,Bankruptcy,Tax Law Office,Notary,Notaire,Attorney General,Medical Malpractice,Brain Injury

Monday, January 18th, 2010

http://divorce1.org/Law_Offices/Minnesota.php

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Fort Worth Tax Control & Litigation Lawyer Audits Attorney

Monday, January 18th, 2010

http://www.browntax.com
Tax Control & Litigation | The Law Offices of Lawrence Brown | Dallas Fort Worth Texas IRS Audits & Appeals, IRS Problem Resolution & Tax Case Litigation Attorney 817.870.0025

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Surviving an IRS Tax Audit : IRS Audit: Charitable Donations

Monday, January 18th, 2010

Keep all documentation and receipts for charitable donations. Learn what to do if the IRS audits your taxes in this free personal finance video from an experienced accountant.

Expert: Edie Thomas
Contact: www.cmccpas.com
Bio: Diana Crawford is a CPA with more than 20 years of public accounting experience. She is a graduate of Georgia State University with a bachelor’s degree in accounting.
Filmmaker: Edie Thomas

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Paperback, The Little Green Book of Golf Law: The Real Rules of the Game Of Golf

Friday, January 15th, 2010

Paperback, The Little Green Book of Golf Law: The Real Rules of the Game Of Golf

Golfers and lawyers alike will enjoy this insightful look at law and golf. Not concerned about the rules of golf, each chapter of this book examines an actual case where law and golf have come together. Read about a wide array of legal issues, including Tiger Woods right of publicity, personal injury and product liability cases, contract disputes involving hole-in-one contests, IRS litigation over tax deductions for golf expenses, equipment patent disputes, and much more. It s the perfect book to share with the golfer or lawyer looking for a new perspective on the game!

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IRS Audit Team Tee

Friday, January 15th, 2010

IRS Audit Team Tee

100% cotton tee.

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Non-Litigation Types of Attorneys and Pros/Cons?

Friday, January 15th, 2010

What are the various non-litigation attorneys out there (such as Tax and Real estate) and preferably a brief summary of each.

Tax and Real Estate attorney’s have boring and very technical jobs. I’m not sure which would be worse, they’re both insanely boring.

You can google summaries.

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how often do IRS audits get reversed?

Friday, January 15th, 2010

how successful are IRS audits in recooping money?

You are asking two seperate questions….I’ll answer the one I think you’re really asking. All income (legal) you earn are reported to the IRS. Generally the IRS process the information you provide but, if they detect any errors they have the right to make the necessary adjustments.

Also, the IRS can go back three years on your tax returns and audit them….if they find discrepancies, they can recoup the taxes due PLUS interest AND penalty! Remember this….most of the big gangsters were not indicted for their crimes…they were nabbed for tax evasion!

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Tax CPA Houston – How To Choose A Houston CPA Tax Attorney Preparer

Thursday, January 14th, 2010

http://www.taxcpahouston.com Tax CPA Houston
looking to save on Taxes, Find a Houston CPA,
File Federal Taxes, Get a Tax Refund, Prepare
your Tax return With a Houston Tax CPA Attorney.

Tax CPA Houston – Jim Trippon is one of Houston’s most knowledgeable tax accountants. With over 10,000 income tax preparations experience, Trippon Tax Accountants will work hard to prepare your income tax return and never see that you over pay on your tax return preparation. If you have IRS problems, facing an IRS audit or need help with your federal income tax preparation, Trippon Tax CPAs can help.

Houston Tax CPA, Jim Trippon offers a free income tax preparation assessment at:

http://www.taxcpahouston.com/survey.html

A brief list of services offered:
Tax Preparation Services, Tax Accounting Services, personal tax accountant or business tax accountant, income tax preparation and tax preparation services, IRS Audit assistance, IRS audit resolution, Business Tax Accounting, Forensic Accounting, Litigation & Divorce Accounting, IRS Audits/IRS Tax Disputes, IRS Tax Relief, IRS Audit Representation & IRS Tax Dispute Consulting.

Give us a call today at 713-661-1040 and let our 25 plus years of tax preparation, tax accounting, and tax cpa experience to work for you!

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