Introduction: Setting Up a Smooth Transition Selling a law firm is a significant step that requires careful planning and consideration. Besides the legal and logistical aspects, it's essential to strategize for a tax efficient sale. By doing so, you can minimize your tax liability and maximize the value of your sale. In this blog post, we will discuss some tax efficient ways to sell a law firm, … [Read more...]
Maximizing Your Financial Success: The Ultimate End-of-Year Checklist
Maximizing Your Financial Success: The Ultimate End-of-Year Checklist
As the year draws to a close, it's the perfect time to reflect on your financial achievements and chart a path to even greater success. Consider this your end-of-year financial planning nudge—a friendly reminder that the ultimate key to maximizing your financial future lies in taking proactive steps today. This comprehensive checklist covers essential topics like Roth conversions, tax … [Read more...]
Managing Your Tax Payments When Your Monthly Income Varies
Managing Your Tax Payments When Your Monthly Income Varies
By Darren Wurz Most people only think about taxes when it’s time to file their annual returns. But as an attorney or law firm owner, you cannot afford to put your taxes on the back burner. From self-employment taxes to employee taxes and quarterly estimated taxes, there’s a lot to keep track of, especially if your monthly income varies. To make the most of your irregular income, … [Read more...]
Your Tax-Preparation Checklist
Your Tax-Preparation Checklist
Tax season can be stressful and frustrating even in the best of times; factor in two years full of uncertainty and it’s understandable if you want to stick your head in the sand and avoid it. Plus, as an attorney or law firm owner, your taxes can be more complicated than most. We’re here to help! Here’s the trick: the better prepared you are, the sooner you can shake off that stress and forget … [Read more...]
4 Tips For Attorneys Who Want To Save On Taxes
4 Tips For Attorneys Who Want To Save On Taxes
Attorneys face unique challenges in tax planning and in reducing their tax burden each year. Most attorneys are high-income earners with accompanying higher tax bills, but attorneys also carry enormous amounts of debt (law school ain’t cheap) and have to save more for retirement to maintain the lifestyle they currently enjoy. To help you navigate these unique challenges, here are 3 tax-savings … [Read more...]