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What is Tax Loss Harvesting? Tax loss harvesting is a strategy where you sell investments that have lost value to offset gains in other areas of your portfolio, thereby reducing your taxable income. This tactic applies to taxable accounts, not tax-sheltered ones like 401(k)s or IRAs. How Does It Work? Here’s a simple illustration: If your losses exceed your gains, you can deduct up … [Read more...]

What You Need to Know About the Corporate Transparency Act: A Guide for Law Firm Owners Ignoring a simple filing could cost your law firm thousands in fines and potentially damage your reputation. The Corporate Transparency Act (CTA) is a game-changer. Whether you're a solo practitioner or a small law firm owner, this episode of "The Lawyer Millionaire" is your essential guide to understanding … [Read more...]

As the year draws to a close, many law firm owners find themselves grappling with the complexities of tax planning. Could a few smart moves before December 31st help you keep thousands more in your pocket? Let’s dive into some essential end-of-year tax strategies that could significantly impact your bottom line. Maximize Retirement Contributions One of the most effective ways to reduce your … [Read more...]

Is AI Ruining Your SEO? Essential Tips for Law Firm Owners In the ever-evolving digital landscape, your law firm's online presence can make or break your business. As we navigate through 2024 and beyond, the role of AI in SEO is becoming increasingly prominent—and perilous. On this episode of The Lawyer Millionaire Podcast, host Darren Wurz and guest Kevin Daisey delve into the critical aspects … [Read more...]

On this episode of The Lawyer Millionaire Podcast, I had the pleasure of diving deep into the world of law firm scaling with Jon Groth, owner of Groth Law Firm. This episode offers invaluable insights into leveraging the Entrepreneurial Operating System (EOS) to streamline operations, delegate effectively, and drive growth in your legal practice. Jon Groth's Approach to Law … [Read more...]

Are you a law firm owner putting off financial planning because you're too busy or already have an advisor? You're not alone. Many successful attorneys delay this critical step, and it's costing them big time. In this post, we'll dive into the top five reasons law firm owners hesitate to hire a financial planner and why these excuses are draining their potential for growth and wealth. We'll also … [Read more...]