If you’ve won a lawsuit award or settlement, Uncle Sam will want his share of the money.
But if you know how to take advantage of a little-known deduction, you can save thousands of dollars in taxes.
Want to keep more of your award or settlement in your pocket? We’ll show you how when you read my new article titled Tax Tips: Minimize Your Tax Bill on Lawsuit Awards and Settlements.
Three ways our fact-filled article can help you:
- We’ll show you how to claim the valuable legal-fee deduction. Under certain circumstances you can deduct the legal fees you have to pay as an adjustment to income. To qualify for the deduction you have to pay the legal fees in connection with an action involving one of three types of claims. We’ll tell you what they are when you read the full article.
- We’ll warn you about an important limitation on your deduction. It’s a simple fact. Your deduction can’t exceed a specific dollar amount which you might be able to control. What’s the magic number? You’ll find out when you read the full article.
- You’ll learn how to avoid dangerous traps. Be careful! There are three fatal mistakes that will kill your legal deduction. We’ll tell you what they are when you read the full article.