Category: Finance / Taxes

Tax Deduction for Legal Fees?

Can you deduct the legal fees you pay your attorney on your federal income tax return? The answer to that question depends on several factors, including who you are and the reason why legal fees were incurred. As a general rule, legal expenses incurred in… Continue reading

Suggestions for Financial Well-Being

Here are some simple suggestions to consider in the coming year to improve your financial picture: Eliminate high interest credit card debt by refinancing or using a home equity second mortgage at much lower interest rates. The interest may become deductible and the overall interest… Continue reading

Securing Promises to Pay

A promise to pay money can arise in many contexts.  If you buy a car on credit, you promise to make the monthly payments plus interest in a promissory note.  If you sell your business, the buyer may promise to pay a portion of the… Continue reading

Retirement Contribution Limits (It’s Not Too Late!)

The following chart illustrates the contribution limits for retirement plans for calendar years 2015 and 2016: Plan Type                               Contribution Limit IRA (under 50)              … Continue reading

Pennsylvania Taxes in Comparison

The Tax Foundation, which describes itself as a “non-partisan research think tank, based in Washington, D.C.”, has recently published its annual survey of state taxes, which allows the reader to compare taxes of the various states and the relative tax burdens that fall on the… Continue reading

The Fragility of Liens in Bankruptcy

In a past article we discussed how a mortgage does not “go away” in bankruptcy, and that is generally true of all liens-they pass through bankruptcy unaffected or, alternatively, the lien creditor may obtain relief from the stay and foreclose or otherwise proceed against the… Continue reading

Inherited IRA’s and Creditors

The normally staid world of Individual Retirement Account planning has been shocked by the recent United States Supreme Court case of Clark v. Rameker.  Nearly every day a new article or seminar advertisement related to this case pops up on my e-mail. Under the Federal… Continue reading

Saying Goodbye to the Capital Stock Tax – Again

One of the staple planning tools for real estate investors in Pennsylvania is the use of a limited partnership to own real estate.  To retain the limited liability benefits that investors sought, these partnerships often featured a general partner that was a corporation or a… Continue reading

IRS Offers In Compromise

The Internal Revenue Service (“IRS”) has a little known program which provides for the settlement of tax debts for less than the full amount owed.  Eligible taxpayers with significant tax debt that they cannot pay can make what is known as an “Offer in Compromise”… Continue reading

Pay Attention to your Loan Terms – A Case Study

Several years ago we were approached by an individual who was having trouble with her bank.  She had paid her commercial mortgage debt each and every month for over 10 years.  However, her credit had deteriorated for personal reasons and she had allegedly violated certain… Continue reading