From the Single Mom's Law School Experience, then "Almost Attorney" to FINALLY an Esquire!: Federal Income Tax

Monday, June 28, 2010

Federal Income Tax

Today I studied Federal Income Tax. What I found was that I really, really enjoyed studying this subject. I did not take it in law school. I thought about it for a moment, but the teacher got such horrible reviews from students I talked to that took him, that I decided not too. I can say after studying it in Barbri and Ameribar, that I don't think a whole semester is needed. They are just testing basic concepts that I already knew and understood. The differences tax wise, briefly, of S and C corps, alimony is taxable to the recipient, but a deduction to the payor, child support has no tax consequences, those kinds of things. Anyone that has ever filed a personal tax return, or worked in a business on tax issues, probably possesses the knowledge needed.

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FAQ

Lots of people ask me: how do you do it? How do you attend law school and raise a child alone? My answer is simply that you prioritize. You approach school as an 8 to 5 job. I take Friday evenings and Saturday's off. Study a bit on Sundays. For me this works. It means not being a part of the "social" things at school, and that time between your classes is in the library studying. But that's okay. You will have different goals then the students who are single with no children.

How do you afford it? Student loans........yes, you heard me. My reasoning is that my earning capacity will double, but likely triple, which means that I can afford to take on the debt to pay for a better future for my daughter and I.

Does you daughter resent you studying? No. Sometimes she gets frustrated, but she really does understand the bigger picture. She is my biggest supporter. I have learned to include her by taking her to class with me when I can, by having her help me study with flash cards, and by taking her to appropriate events at school. In fact, I did an incoming student panel one year, and the administration of the school had her speak as well. We are a team, and that includes this journey.