Chicago Divorce Lawyer Russell Knight Discusses Lawyer’s Fee Tax in A New Blog Post

Chicago divorce lawyer Russell Knight releases a new blog post (https://rdklegal.com/are-divorce-lawyers-fees-tax-deductible/) that discusses whether lawyer’s fee taxes are deductible. The lawyer explains that a tax deduction is an allowance whereby the IRSS allows someone to reduce the total taxable income by a certain amount due to some event.

According to the Chicago divorce lawyer, “By allowing tax deductions, the United States tax code is encouraging certain behavior by removing the tax penalty associated with that behavior. For example, the interest on a mortgage payment or the expenses of running a business is all tax-deductible.”

Chicago divorce lawyer

The lawyer explains that a divorce involves the collection of income and the management of the property. He says that the lawyer’s fees will not be deductible if the spouse’s claims are from the marital relationship and not from income-producing activity.

Attorney Knight also mentions that the IRS documents have subsequently advised that attorney fees and other costs paid in connection with a divorce, separation, or decree for support are not deductible by either the husband or the wife.

In addition to that, the lawyer also says that if a divorce is associated with a business’ tax income, expenses related to the business’ income can be tax-deductible. However, this requires a distinction between an asset and the asset’s income.

Furthermore, attorney Knight discusses that a divorce will involve one spouse taking measures to protect their business from the other spouse’s machinations via protective order. The lawyer said that legal fees associated with defending a business from a spouse are deductible.

Attorney Russell Knight also explains that a taxpayer is entitled to a deduction for the portion of the legal fees relating to the protective order. However, under the current tax code, no expenses are allowed at all until 2026.

Lastly, attorney Russell Knight emphasizes that it’s very important to seek the help of a Chicago divorce lawyer when it comes to matters like tax deductions and other important divorce fees. Having an experienced lawyer may be able to help the client understand their rights and guide them about what their next steps should be.

About The Law Office Of Russell Knight

The Law Office of Russell D. Knight was established in 2009 by the divorce attorney Russell D. Knight. The lawyer’s love for family law is demonstrated by the numerous articles personally written by the lawyer. Russell is a licensed lawyer throughout Florida and Illinois. The attorney has a legal practice in both states and employs an entire staff of paralegals and attorneys in the two states of Chicago, Illinois, and Naples, Florida. Contact them today at (773) 334-6311.

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For more information about Law Office of Russell D. Knight, contact the company here:

Law Office of Russell D. Knight
Russell D. Knight
773 334 6311
russell@rdklegal.com
1165 N Clark St # 700, Chicago, IL 60610, United States

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