Thinking Outside the Box Law Legal Podcast
Welcome to Thinking Outside the Box Law Legal Podcast, the podcast that empowers individuals and small business owners to navigate financial challenges with innovative legal strategies. Hosted by the experienced team at Thinking Outside the Box Law, Inc., based in Naperville, Illinois, we delve into topics that matter to you—bankruptcy law, tax disputes, small business financial planning, and more success stories to help you achieve a fresh financial start. Whether you're facing overwhelming debt, an IRS audit, or seeking proactive business solutions, our goal is to provide clarity step of the way. https://thinkingoutside theboxlaw.com
Episodes
This podcast from Thinking Outside the Box Law, Inc. announces a significant development from the IRS, ILM 202511015, which provides new avenues for tax relief for victims of online scams. The guidance clarifies that losses from scams with a profit motive, like investment or phishing schemes, may now be tax-deductible under IRC § 165(c)(2). It specifies that the deduction should be claimed in the year the theft is discovered and re...
This legal podcast, authored by Jon Dowat, an attorney at Thinking Outside The Box Law, Inc., focuses on the serious repercussions of not filing tax returns, whether or not a person owes taxes. The text explains that even if no taxes are owed, individuals can forfeit refunds, lose opportunities to carry over business losses, miss out on refundable tax credits, and risk the IRS filing a less favorable substitute return on their beha...
This legal article from Thinking Outside The Box Law, Inc. addresses the complex question of whether tax debt can be discharged in bankruptcy, a topic often considered taboo. It highlights that while common belief suggests tax debt is untouchable, specific conditions can allow for its inclusion in bankruptcy proceedings. The author, Jon Dowat, uses Terry's case as an example to illustrate the three crucial timing rules—the tax...
What is the Means Test?
The means test was introduced with the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), and was designed to weed out high-income earners presumed to be abusing Chapter 7.
Here’s how it works:
Step 1: Income comparison: Your average monthly income over the last six months is compared to your state’s median income for your household size. If you’re below that median, you pass automatically.
Step 2...
Welcome to Thinking Outside the Box Law, the podcast that empowers individuals and small business owners to navigate financial challenges with innovative legal strategies. Hosted by the experienced team at Thinking Outside the Box Law, Inc., based in Naperville, Illinois, we delve into topics that matter to you—bankruptcy law, tax disputes, small business financial planning, and more.
This podcast, from Thinking Outside The Box Law,...
Welcome to Thinking Outside the Box Law, the podcast that empowers individuals and small business owners to navigate financial challenges with innovative legal strategies. Hosted by the experienced team at Thinking Outside the Box Law, Inc., based in Naperville, Illinois, we delve into topics that matter to you—bankruptcy law, tax disputes, small business financial planning, and more.
Each episode offers practical advice, demystifie...
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