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Is Your Business Using Your Home?
Home office deduction - what is it and what are the requirements If you own a law firm, you may be able to deduct the cost of your home office on your taxes. The home office deduction is available to business owners who use a portion of their home exclusively for...
A Backdoor Roth Ira Strategy For Law Offices
What is a backdoor Roth IRA strategy, and how does it work for law offices specifically A backdoor Roth IRA is a retirement savings strategy that law firm owners can use. Specifically, it allows them to make after-tax contributions to a traditional IRA. Then convert...
Don’t Be Caught Off Guard, Prepare Early For Next Tax Season!
Keep track of your income and expenses for IRS regulation compliance. One practical way to save money is to keep track of your income and expenses throughout the year. It will help you to stay organized and efficient with your spending. You can use a simple...
Kiddie Tax – What Is It And Do You Need To File?
What is the Kiddie Tax and how does it work The Kiddie Tax is a federal tax on the investment income of children under the age of 18. The tax is designed to prevent parents from sheltering their income in their children's names in order to reduce their own taxable...
How To Write Off Your Vehicle Expenses
What are vehicle expenses, and how do they work? Business owners often have to juggle a lot of different expenses, and one of the most significant categories is vehicle expenses. Vehicle expenses include gas, insurance, repairs, and maintenance. They can also include...
Marketing For Black Law Firms is Very Different Than That Of White Law Firms
The Drawbacks of Black Law Firms in their Chosen Profession Black Law firms have to work twice as hard to get half the recognition. Law is a profession that white men have long dominated. While the number of black law firms has increased in recent years, they still...
Money Matters: Your Guide to A Sound Financial Strategy
Financial Strategy - the basics Law firms can be expensive. However, there are ways to save money while running a law firm Such as having a financial strategy. Here are a few tips: Know your billing system and track your time carefully. It will help you to see where...
How To Attract High-Paying Clients In Your Law Practice
Law firm owners frequently ask me how they can establish themselves as experts in their field. While there are many ways to do this, I believe the three most effective methods are writing articles, speaking at events, and networking with other professionals. Writing...
6 Reason To Consider Flat Fees
What are the Reasons to Consider Flat Fees Flat fees can be more cost-effective for clients. One of the reasons to consider flat fees when running a law firm is that your primary concern is ensuring that your clients get the most value for their money. Hourly billing...
Can You Guess How Long It Took Me To Generate 1 Million Dollars In My Firm?
According to a new study, it takes the average person 10 years to generate $1 million in their law firm. The study, conducted by the law firm Jones Day, found that it takes an average of 10 years for a law firm to generate $1 million in revenue. The study also found...
How To Decide Which Cases NOT To Take
When should you turn down a case or refuse to take it on? And is Declining Clients for Law Firms the right thing to do? There are a few instances where it is appropriate to do so: It may create a conflict of interest if you already represent a client in a similar...
How to Set Up and Keep Track of Your IOLTA
When it comes to trust accounts, keeping a record of amounts, transactions, and details is necessary. However, they can be confusing and complex, especially for new lawyers or firms. That’s why it’s ideal for keeping track of individual client funds. If you’re...
