From dealing with employer responsibilities to properly reporting deductions, tax season can be stressful for a solo attorney. We’ve chosen the best articles to help you prepare.
Tax season is among us, which means solo practitioners and small firms are faced with the daunting task of sorting through their financial records.
It can be especially difficult for new solos to understand all the requirements of filing taxes as a small business for the first time. If you’ve hired temporary staff or worked from a home office, then there are certain rules and details you need to be aware of.
These great articles can help any small firm attorney prepare for tax season and reduce their risk of an audit:
1. Small Business 101: Law Firm Tax-Preparation Tips
Tax season can often sneak up on us after the holidays, but there are resources available to help you stay organized and make sure you’re covering all your bases. These quick tax tips for attorneys will make tax season a little less stressful.
2. 5 Tips for Small Businesses During Tax Season
Taxes can be a nightmare for even the most organized attorney. According to the 2015 Small Business Accounting Report, more than 70% of small businesses file their taxes using an outside service. However, you’ll still need to prepare your financial records and statements even if you outsource your tax preparation. These five simple tips will help small firm attorneys keep their business prepared for tax season well in advance.
3. The Solo Lawyer’s Guide to Tax Deductions
It’s well-known that most business-related purchases are tax deductible; however, there is some speculation over items such as meals and entertainment or home office expenses. It can sometimes be difficult to know what exactly can be called a “tax deduction,” especially when it comes to your solo firm. This article outlines the basic rules and limitations of tax deductions so you can minimize your tax bill and avoid complications with the IRS.
4. Keeping Your Balance: Tax Tips for the Small Law Firm Practitioner
Solo practitioners and small law firms should seek out guidance from a Certified Public Accountant or tax lawyer when filing their taxes; however, it helps to have a general idea what the IRS expects from your small business. Check out this article to learn what the IRS closely monitors and how a small firm attorney can avoid an audit by accurately reporting income and deductions.
5. Tax Advice for Solo Attorneys and Small Law Firms
Taxes are nothing to mess around with in a small firm. One inaccurate deduction can lead to a long, stressful audit process. Law Firm Suites brought in Ryan Cole and Adam Lazarus of Integrity Financial Partners to lead a seminar on tax planning and wealth management strategies for solos. This article features a short Q&A about managing tax issues associated with running a small law practice.
6. Working from Home: Ten Tax and Legal Tips
Many solo attorneys decide to use a home office when they first start their law firm; however, many of them are not aware that this will create a separate set of considerations when it comes to filing taxes. These ten tax tips for attorneys will help solos navigate the tax implications of a home office and determine what deductions they qualify for.
7. 5 Tips for Making Tax Season Less Stressful for Solo Attorneys
One of the things solo attorney, Joleena Louis, wishes she knew before she started her solo law practice was the importance of being organized and prepared for tax season in advance. She sat down with a tax advisor to develop five tips for avoiding the stress that is associated with that inevitable time of year.