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General Article

A Tax Lawyer on Your Side

A Tax Lawyer on Your Side

No matter what legal trouble finds you, you are fortunate that in the United States there is likely an attorney that specialized in defending that type of case. If you have recently had communication with the Internal Revenue Service about some legal problems with your taxes, a tax lawyer may be the best person to consult. These attorneys help many people to sort through problems with the IRS and to have the best outcome from the case.

Mistakes to Avoid

April 15 is the date that tax returns are due each year. Under the pressure to get taxes filled, many taxpayers make simple mistakes that can be costly. While the IRS may catch and fix small mistakes you should be careful that you not become lax in the process. If you make too many of the mistakes, you may find yourself in hot water. If at all possible start early to avoid the rush. Be honest in your reporting of tax information.

Many major mistakes caught by the IRS serve as a red flag alert that can cause you to be subject to a tax audit. Tax audits are stressful events, to say the very least. If you have made major mistakes or misrepresented your tax situation, you may need the help of a tax lawyer who understands the laws and rules that the IRS may apply in your case. The attorney is a representative who is on your side.

In order to locate a tax lawyer you might begin in the phone book. There are normally several attorneys that would be suitable for your case. It may be best to select an attorney who specializes in tax cases. Many times, these attorneys may have worked for several years for the IRS or they may have other types of experience in such cases, such as a background in accounting.

As mentioned above, the phone book is often a good starting place to find an attorney. Look for advertisements of attorneys that deal in tax matters. Make a list of possible attorneys and call each office to determine the best attorney for your case. Use the free consultations to help you to decide the person best suited for your particular tax case. This can allow you to get a feel for the attorney and see if your personalities will work well together.

Persons that end up with tax problems often find that there are many hurdles that must be crossed. Some of these hurdles may turn into real headaches. When this happens you will be glad that you have the help of a tax lawyer on your side. The best tax lawyer cannot offer guarantees that all will be worked out, but he can certainly help you to know that you are taking steps in the right direction as you work your way through this new challenge.…

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Sister In Law

Despite Estate Tax

The gift tax is imposed each calendar year on the transfer of property by gift made during that calendar year. There are exclusions from gift tax in the amount equal to $12k per person per calendar year. The marital deduction excludes an unlimited amount to your spouse. Any outright gift or transfer to a spouse qualifies for the marital deduction. The property will be included in the spouse’s taxable estate and will be subject to tax when the spouse dies. Gifts made to qualified charities are also deductible. Payments of tuition and medical expenses are excluded as long as they are paid directly to the institution.
When valuing intellectual property for estate tax purposes, the taxable amount is generally accepted to be the fair market value of the intellectual property on the date of the creator’s death. For example, the fair market value of copyrights will generally be considered their income producing potential, discounted for net present value. A common method for determining a copyright’s fair market value is to determine the likely annual earnings for the intellectual property for a future period, often between 5 and 7 years. A multiple, often between 3 and 7 is then applied to that number for the current valuation. Much of the valuation analysis is largely subjective, so determining the accepted method with the lowest valuation is usually the best choice, at least in terms of estate tax purposes.
As of January 1, 2009, you can pass upon your death $3,500,000.00 to anyone without having any Federal Estate Tax imposed. This exclusion amount is an increase of $1.5 Million Dollars over the $2 Million Dollar exclusion available in 2008. Thus, it is now possible for a married couple to pass a total of $7 Million Dollars to their children without triggering the Federal Estate Tax. That is the good news.
Opinions on the estate tax range wildly. The major criticism that is often heard is that it is unfair to tax people twice for the money they have earned. When a person is paid, they are forced to pay an income tax on that money. However, for the wealthy, they are essentially taxed again on this money that they have accrued during their lifetime. Another issue with this tax is that some people see it as a punishment for dying. When someone dies, now the government will swoop in and swipe away their money.
A new ‘portability tax exemption’ applies to the estate tax. This simply means that the unused exemption of the first spouse to die can be added to the exemption of the second spouse to die. So if the first-to-die spouse uses only $2 million of his $5 million exemption, his wife can add his remaining $3 million exemption to her $5 million exemption when she dies for an $8 million exemption.
Unfortunately, it is probably too late in the year for the Senate to take any further action on the estate tax. However, Democratic leaders have made the issue a “top priority,” and promise to work on a solution in the beginning of 2010. There is even talk that they may attempt to make the tax retroactive, meaning anyone who inherits a large sum of property or assets could be vulnerable to the estate tax.
There are many forms of estate taxes, but the most common forms of estate taxes are taxes that deal duck the property that you have inherited or that has been given to you. This is something that varies from different states to different states, and also within the states. Also, you obtain to look at the type of property, what humanitarian of condition it is in, besides also where it is to determine what types of estate taxes you are alacrity to have to be paying on it.
If Democrats, who still have their big pre-election congressional majorities, had the power to get what they wanted, the law would already have been passed. But they did not have the votes to keep the estate tax from expiring a year ago, and it does not look like they have the votes to bring it back right now. It looks like the Republicans can hold their ground and win this fight.
Recently the Wall Street Journal did opinion piece on the amount of times that a dollar really gets taxed. This information opened Pandora’s Box with regards to real estate investing, and the level of taxation that is placed upon a real estate investor’s dollar.…

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General Article

Finding a Good Lawyer to Handle Your Case

Finding a Good Lawyer to Handle Your Case

A lawyer knows the importance of law and justice. This practice effects many people’s lives so it requires a lot of experience.

There are some lawyers which specialize in certain areas while others can handle multiple cases like business and corporate law, personal injury, criminal cases, employment, property and family law.

A person may seek monetary compensation for certain reasons. A lawyer can deal with such problems. There are lawyers which are self employed. They usually start their career in law firms and then establish their own firm after getting enough experience. Los Angeles lawyers can help solve the client’s problems. They have the required analytical ability and the knowledge to address the legal issues and then make a suitable plan.

If you have had injuries, property or financial damage in business, you can contact a Los Angeles lawyer to study the legal options available to you. There are various things you need to know before you decide on the lawyer:

1. You should hire a lawyer as soon as possible. It is recommended that you should hire a lawyer within 2 weeks of the actual incident. If you can’t find the lawyer yourself, you can entrust a family member or a friend to search for you. The attorney can then handle the case and formulate a plan for you.

2. You should check the profiles of the lawyers before you sign an agreement with them. You can ask them about their experience in handling similar cases.

3. You can also conduct a meeting with your attorney and convey all your feelings to him / her. You should be able to trust him / her.…

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What Are Common Types of Personal Injury Claims?

The term personal injury refers to an injury to a person’s body, emotional state, or mind. This is a legal term and does not refer to damage done to property. In legal matters this type of claim is often made in conjunction with accusing an individual or business with some type of negligence. The most common types of personal injury claims are tripping and falling, traffic accidents, accidents which are work related, and accidents caused by defective products. Personal injury claims can also involve injuries caused as a result of a medical or dental procedure. In these cases the claim might be a medical malpractice claim.
If the injured party can prove that there was negligence involved then they are often entitled to some amount of monetary compensation. This has become more controversial in the United States after exceedingly large amounts of money were paid to people whose injuries did not seem severe enough to warrant such compensation. Critics have called for some form of tort reform to restrict the amount of money an injured person can receive for certain injuries. Many individuals and special interest groups have accused lawyers and injured people of taking advantage of the system in order to receive compensation that is not in line with their injuries.
The law in the United States has set limitations on the amount of time and injured person can wait before filing a claim. In most states the statute of limitations for a personal injury claim lies somewhere between two and five years. Once a person has exceeded the maximum amount of time allowed to file a claim they are no longer eligible to receive compensation for their injuries. Most attorneys would recommend that an injured person consult with a lawyer immediately in order to avoid any possible complications which could result from waiting too long to file their personal injury claim.
Personal injury claims can involve a myriad of different types of injuries and accidents. For car accidents claims are usually handled by insurance companies and they generally do not make it to court. The same is true for injuries sustained by person while at someone else’s home. In this case homeowners insurance would take the place of automobile insurance and protect the homeowner from liability. Workers’ compensation has been set up to help cover the costs associated with injuries related to a person’s employment. Anyone interested in learning more about their local laws should consult with a lawyer in their area.…

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General Article

International Tax Attorney Can Help Expats

International Tax Attorney Can Help Expats

Americans who move abroad still have to file federal tax returns and pay any amounts due, but thanks to the Internet it is much easier than it used to be for US expats to get assistance from tax professionals who have experience in international tributary law.

An international CPA and international tax attorney can be an expat’s best allies in preparing an effective strategy that maximizes the many legal exclusions, write off’s and or breaks available to expats while meeting all regulatory requirements.

The US tax code is highly complex and runs to 75,000 pages at last count. Some of its most complicated and detailed provisions are those governing the rights and responsibilities of US citizens living overseas. An international tax attorney can ensure that an expat’s tributary strategy incorporates every possible option for experiencing lower tariffs.

An expat who sets up a legal entity in the country of residence, for example, can be receive a salary from it without the income being subject the US self-employment tax. When setting up a foreign entity it is definitely advantageous to have an international tax attorney guiding the process, to help ensure the right choice of legal structure and other considerations.

An international tax attorney can advocate for the US expat in the event of any IRS challenge to the taxpayer’s tax return or supporting documentation. The expat is showing a form of “due diligence” by having an experienced international tax attorney advise him or her, and this alone can have a positive influence on the outcome of a conflict with the IRS.

To be most effective, an international tax attorney should be part of an expat’s tax strategy team, rather than someone who gets a call only when things with the IRS adversarial. Legal problems are avoidable if an expat’s tax planning includes input from international accounting and legal veterans. Most tax problems could have been avoided with better planning and an international tax attorney can spot potential trouble spots in an expat’s overall tax picture before they become major disruptions.

There are criminal penalties for not filing tax returns and civil penalties for not paying taxes due, so it makes sense to have an international tax attorney as part of one’s tax preparation team. Complying with the filing deadlines and the special qualifying criteria that apply to expats requires expertise. One firm that specializes in expat tax issues is Tax Planner CPA, which has a website that is a good introduction to many aspects of expat taxation.…

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Family Law Attorney

How to Find a Consumer Lawyer

While a lot of people may want to handle their legal matters on their own, there may come a time where you need the advice of a professional. In this instance, finding a lawyer may be crucial to the outcome of your legal issue.
Your goal must be to find a lawyer that will be able to provide you with the best legal advice and act on your behalf, should you find it necessary. However, choosing one is not as easy as flipping through the Yellow Pages.
For most people, referrals from your colleagues or family members are often the best way of finding an attorney. By going to those who have been in similar situations as your own, you should be able to get a few names of lawyers who could potentially meet your own needs.
As each person and case is different, you can not rely on a referrals by themselves, but it will give you several good leads to go own.
Online Research
It is also possible to do the research on the Internet to find a someone that can help you with your own legal case. Many lawyers now provide a list of their services and experiences on their own websites. By carefully researching these websites, you may be able to come up with several leads on your own.
Lawyer Referral Service
Another source used by thousands of people is a lawyer referral service. These services spend their time compiling lists of attorneys and the services they provide. Many of these services, though, use different criteria to qualify an attorney, so it is very important that you ask what standards must be met to be recommended by them.
The above methods will help you to compile a list of potential lawyers, but you will need to take things a little further to determine which one would be the best one for you.
After you have several names on your list, you can set up an appointment for a consultation. Many will offer this particular service for free, but more often than not, they will charge a fee for your time. As this is the only way to determine whether the lawyer will be compatible with you and your legal needs, though, it is important that you do take this final step.
To find a lawyer to assist you in your own legal matters, it is important to find one that is not just qualified to handle the case, but to find one that you feel comfortable with. Trust is often a big factor when it comes to hiring an attorney and by verifying their experience, as well as understanding their work practices, you will be able to find the best one for you.…

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Alternatives to Filing For Bankruptcy

Before you consider filing for personal bankruptcy, there are alternatives that you could evaluate for yourself. The first would be a debt settlement. In this option you hire negotiators from a company to deal with your creditors and reach an amicable decision on lowering the debt owed. This is a good option for those who are unable to manage even their minimum amounts due each month. It is also an ideal option for those who don’t have equity in the form of a home, land or other assets. It is considered the fastest and cheapest way to becoming debt free that declaring bankruptcy.
In the credit counseling option, you discuss with the creditors and negotiate a lower rate of interest. This reduces the burden substantially. Though safer, it can get considerably expensive. On an average, the debtor is able to become free of his debts within a 5 year span.
Declaring bankruptcy under Chapter 13 will have you on a repayment plan. A court appointed official will take control of your disposable income and this is channeled into your various debts. This can take up to 5 years. This is a good option to relieve you of secured debts like car or housing loans. This is not a good idea for credit card holders as it can turn out to be a much more expensive proposition. Chapter 7 on the other hand is a severe and last ditch option. In this case, you will be relieved of all your unsecured debt such as credit cards, medical bills etc. But you will have to surrender your fixed assets to be sold and the proceeds distributed between your creditors.
For those who own a lot of property, liquidating your assets would be a good option to declaring personal bankruptcy. This can also be done in the case of filing under Chapter 7. Based on exemptions and possible surplus that you may have, it’s best to sell your assets and clear off your debts rather than declare bankruptcy. In all cases, you will have to have an experienced debt lawyer with you. Make sure you hire the services of a company or individual that comes well recommended.…