That’s what one attorney found out when he tried to deduct court-ordered payments for protracting ligation for his client. The Tax Court ruled that the sanction was penal in nature, and therefore nondeductible. Allowing a deduction would “frustrate sharply defined national … policies proscribing particular types of conduct.”
Barbara Weltman
Big Ideas for Small Business, Inc.
Subscribe and download our eBook, "150+ Tax Deductions for Small Business A to Z."
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It's important to take care of ourselves and take steps to nourish ourselves--body, mind and soul. We may have to do this in different and creative ways now that many of us are staying at home. It's still important that we take time for ourselves. #selfcare #Health