DUI is brief for Driving Under the Influence. An LLC is a enterprise entity created below state regulation that may defend you from personal liability. For instance, legal fees incurred in a divorce proceeding to dissolve a conjugal relationship clearly originate from a declare that is personal in nature.
As a way to be deductible as a commerce or enterprise expense, legal and professional fees must be: (i) incurred in carrying on a trade or enterprise; (ii) extraordinary and needed; (iii) affordable in quantity; (iv) paid or incurred in the course of the taxable year during which the taxpayer seeks to deduct them; and (v) paid by the particular person to whom the services are rendered.
A taxpayer can not deduct legal and professional charges paid or incurred in a taxable 12 months (even w...Read More