Are You Ready for the Tax Deadline? A Last-Minute Checklist

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Published by Prestige_Accounting on March 3, 2026

Are You Ready for the Tax Deadline? A Last-Minute Checklist

As we enter the final countdown to the April 15 tax deadline, law firm owners everywhere are either breathing easy—or scrambling. If you’re in the second group, you’re not alone. But here’s the good news: there’s still time to take action, tie up loose ends, and avoid last-minute chaos.

This blog is your last-minute tax prep checklist, tailored specifically for lawyers and law firm owners who want to file on time, maximize deductions, and stay compliant—without the stress.

1. Reconcile Your Accounts—Yes, All of Them

Before filing anything with the IRS, your bookkeeping must be accurate and up-to-date. This includes:

Business operating accounts
Credit card statements
Trust accounts (IOLTA)

Unreconciled accounts mean inaccurate tax returns, missed deductions, and red flags during audits. If your bank balance doesn’t match your books? It’s a problem. And if you haven’t done your IOLTA reconciliation in the last 30 days, that’s a compliance violation in many states.

2. Make Any Final Retirement Contributions

Did you know that contributions to SEP IRAs, Solo 401(k)s, or other qualified plans can still reduce your taxable income—even if made in 2026 for the 2025 tax year?

Here’s what you need to know:

Sole proprietors or LLCs taxed as sole props: You can contribute until your personal filing deadline (April 15 or October 15 with an extension).
S corps or partnerships: Your contribution window is tied to your business return deadline, not your personal return.

Ask your CPA today if you qualify to make additional contributions and how much you can deduct.

3. Review Business Deductions

Many lawyers overpay in taxes simply because they don’t capture all allowable deductions.

Make sure your books include:

Home office expenses
Mileage logs
CLEs and professional development
Software and legal tech tools
Subcontractor and marketing expenses
Travel, meals, and networking related to business

If you worked with Prestige this year, we already helped you track these. If not? It’s time for a cleanup—before you hand those books off to your CPA.

4. Confirm Partner Payments and Owner Draws

Whether you’re a solo or in a multi-member firm, your compensation method impacts your taxes.

Check that:

All partner draws and guaranteed payments are recorded properly
S corp owners are paid a reasonable salary and distributions are recorded separately
You’re not accidentally pulling from a trust account (yes, it happens)

Need help making sure your draws are compliant? Book a call with our team to get this sorted fast.

5. Check Trust Accounting Compliance

Tax season is a good time to double-check your IOLTA compliance, especially before an unexpected audit or bar association inquiry.

Ask yourself:

Have you done your monthly reconciliation for January and February?
Are your client ledgers balanced and up to date?
Have any inactive matters been fully disbursed and closed?

If your trust account isn’t audit-ready, fix it now—not after a letter from the state bar shows up.

(We recommend FixMyTrustAccount.com if you’re still manually tracking trust balances.)

6. File or Extend—But Don’t Ignore

If you’re not ready to file by April 15, don’t panic—file an extension. But don’t make the mistake of thinking an extension buys you time to pay.

Extensions give you more time to file, not more time to pay.

Estimate your tax liability and pay what you can with the extension to avoid penalties and interest. Not sure how? That’s where a law-firm-specific CPA (like us) is worth their weight in gold.