Friday, January 16, 2015

Happiest lawyers are tax lawyers

Of 17,000 associates from over 150 large and mid-sized law firms surveyed by Vault for their annual Law Firm Associate Survey, it's the tax lawyers who clearly they love their jobs. Or rather, are at least more "satisfied" than their counterparts in other practice areas.
Tax law may be satisfying work because it is often described as solving a puzzle, allowing lawyers to find creative solutions to their clients’ problems.
Happiest legal eagles are tax eagles

Howard Gleckman offers Nine Tax Stories to Watch in 2015 (TaxVox)

We are the 1% Admit It: You’re Rich like Imrich (Megan McArdle):
The cutoff for the global 1 percent starts quite a bit lower than the parochial American version preferred by pundits. I’m on it. So is David Sirota. And if your personal income is higher than $32,500, so are you.  
It’s all a matter of perspective.

NEWSFLASH: for the vast majority of taxpayers, there is no gray area to be pushed.
Your income is whatever your W-2 says it is.
Your deductions are whatever they are. Mortgage, property taxes, charitable, car registration. I suppose there could be a gray area if someone is claiming employee business expenses. But even then, those expenses are not likely to end up being deductible anyway.
No matter what the H & R Block commercials say, there is no magic wand that a tax preparer can wave to make a bigger tax refund appear.

Absolutely true. And if a preparer boasts otherwise, it’s likely that there is a perfectly bad explanation.

Robert Goulder, China’s Fiscal Roadmap: Tax Like America (Tax Policy Blog). If you are worried about China achieving economic domination, you can rest easy now.