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Showing content with the highest reputation on 08/09/2022 in all areas
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I have a 2017 Outback and I love it. First car I bought new.2 points
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I left some color-coding and non-identifiable details, so you can also get a feel for how it's used during the season. The whole point is to turn it all from bright green (received, untouched) to lavender (complete). @schirallicpa Tax WIP 2021 - blank to share.xlsx2 points
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Assuming there is an attorney involved by far the biggest issue your son will have is the non deductibility of legal fees. Many articles out there about this problem. Here is one from Forbes: https://www.forbes.com/sites/robertwood/2022/02/17/how-to-write-off-legal-fees-on-your-taxes/?sh=32a25c77217f2 points
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Do we think there is any hope that the IRS will change their mind and make it so I don't have to amend a bunch of tax returns for people who just recently got the ERC credit?1 point
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This is one year, and not much you can do once the settlement is "settled"/legally designated. Use a good investment strategy to stretch his income out over his lifetime, using a mix of taxable and LTCG and tax-exempt investments appropriate to his age and place in his life cycle. Work with a well-recommended, experienced financial advisor.1 point
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Tracy, The biggest potential taxable income offset would be available only by starting a Schedule C Sole Prop business. In your son's situation the focus needs to be on preserving as much of his Settlement proceeds, net of legal fees as possible. Given your original post, I am not aware of any significant tax offsets.1 point
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Was any of this award due to discrimination based on disability? It seems that I remember there used to be some exception related to that. I don't know if that is still the case, or if I am remembering correctly but if this pertains you might do some research to see if there is any help there.1 point
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I'll upload a new one (possibly today) - but note that I am still using Excel 2007. Never saw a need to/reason for upgrading past that.1 point
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I love our son's Outback. I am going to look at those. I really like the Rav4 Prime or Hybrid,too. My sister has a Forester, so I can't have one.1 point
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Speech to text function on my phone.1 point
