Tax Deductions for Law Firm Owners: What You Need to Know

Law and Quarter

In this episode of the podcast, we discuss various tax deductions that law firm owners should be aware of, including strategies like hiring family members and deferring income, to help lower your tax liability. In this episode, you will learn the following: 1. Hiring family members to help with the law firm can be a way to legally shift some taxable income to a lower bracket. 2. Deferred income, such as from an attorney fee, can be paid in a future year or period, which defers the tax liability. 3. Meeting with a financial adviser and CPA can help to plan for the long-term goal of the law firm owner having the most amount of money. For more episodes and a free Law Firm Owner Profit Toolkit, go to https://lawandprofit.com