Search Results: keywords:"attorney fees deduction"

  • S. 3459 — To amend the Internal Revenue Code of 1986 to allow an above-the-line deduction for attorney fees and costs in connection with consumer claim awards.
    Status:Introduced in Senate
    Words:771

    The bill S. 3459 seeks to amend the Internal Revenue Code of 1986 to allow people to deduct attorney fees and court costs from their taxable income if they win consumer claim awards. It defines what a "consumer protection violation" is by listing laws that protect consumers,...

    Simple Explanation

    The bill wants to change the tax rules so that if someone wins money in a case about being treated unfairly as a shopper, they can pay their lawyer and other costs before counting the money they won as something they have to pay taxes on.

  • S. 467 — To amend the Internal Revenue Code of 1986 to allow an above-the-line deduction for attorney fees and costs in connection with consumer claim awards.
    Status:Introduced in Senate
    Words:794

    S. 467 aims to change the Internal Revenue Code of 1986 to allow individuals to deduct attorney fees and costs related to consumer claim awards directly from their income. This deduction would apply specifically to claims involving violations of consumer protection laws,...

    Simple Explanation

    In S. 467, people would be able to subtract the money they spend on lawyer fees for certain consumer problems, like when companies break rules about products and services, from their income before paying taxes. This change might make it tricky to understand all the different rules and who’s in charge, but it could help people save money when they win or settle these types of cases.