by James Wade | Sep 25, 2016 | Uncategorized
Source: Link to Form B 122A-2 Chapter 7 Means Test Calculation “Do I make too much money to file bankruptcy?” is a common question I get from potential clients. The short answer is no, but earning too much may prevent you from filing under Chapter 7. A...
by James Wade | Jan 13, 2016 | Uncategorized
Filing for bankruptcy is more than merely filing a petition in court; the Bankruptcy Code provides for five different chapters under which a debtor can file. Much work has to be done before filing to select the appropriate chapter for the client as each chapter has...
by James Wade | Aug 14, 2015 | Uncategorized
Beck v. Commissioner, T.C. Memo. 2015-149 Filed August 10, 2015. Certain states may have legalized medical marijuana but Federal law still lists it as a controlled substance. This means that medical marijuana dispensaries are still subject to punitive rules that apply...
by James Wade | Aug 5, 2015 | Uncategorized
A colleague of mine uses the phrase, “See me before you need me,” in her advertising which makes me think of another phrase, “Failure to plan is planning to fail.” Ok, maybe that last phrase may be a bit overblown as most of us go through life...
by James Wade | Jul 10, 2015 | Uncategorized
Two recent Tax Court opinions highlight the danger of ignoring the Internal Revenue Code 71 when handling spousal support issues. Christina Mehriary v. Commissioner, T.C. Memo 2015-126, issued July 9, 2015 Taxpayer tried to deduct the transfer of the home she was...
by James Wade | Jun 17, 2015 | Uncategorized
In Devy v. Commissioner, T.C. Memo. 2015-110, a recent tax court opinion, Mr. Devy found out the hard way that his trust in his tax preparer, aptly named Tax Whiz, was misplaced. Tax Whiz prepared his return and claimed for him an education credit of $2,500. After...
