The tax planning process is essential for ensuring that business owners are in the right tax entity. However, many people avoid working with a CPA who specializes in tax planning, which can lead to them not getting the correct advice. This can result in them overpaying taxes, as was the case with one of my clients. By electing that this client be taxed as an S corporation instead of a sole proprietorship, we were able to save them over $47,000 in taxes. Ensuring that business owners are in the right tax entity and that the election with the IRS is filed timely is a common service that tax planners offer their clients. This episode will outline some other common mistakes that taxpayers make when filing their own taxes. Here are just some of the things I cover: Ensuring that the business owner is in the right tax entity Filing the correct election with the IRS Reporting all income correctly For more episodes and a free Law Firm Owner Profit Toolkit, go to https://lawandprofit.com

Do you know the difference between tax planning and tax preparation? If you're like most people, you probably think they're the same thing. But in reality, they're very different. And when you combine the two, that's how you can maximize your personal and business income investments even after you pay your taxes. So, what is tax planning? Tax planning is creating a strategy to minimize your tax liability. Legally, we execute strategies and minimize your tax burden. And this is actually a year-round process. It's not something you do right before your tax return is due. When you work with a tax planner, they consider current laws, new laws and regulations, and your current situation. The aim is to prepare you for the lowest tax liability possible, while still keeping you within the current tax regulations. For business owners, tax planning is especially important. We have to not only look at where you are today, but where you will be in five years. That's because oftentimes, when you elect to be in a certain entity type with the IRS, you can't switch out of it for 60 months. So, what are some benefits of tax planning and tax preparation? Listen in to find out! Here are some steps you need to follow to lower your tax liability, save, and save time: 1. Tax planning is creating a strategy to minimize your tax liability. 2. Tax preparation is preparing your tax return for filing by the tax deadline. 3. Filing your tax return and ensuring adherence to federal and state law. For more episodes and a free Law Firm Owner Profit Toolkit, go to https://lawandprofit.com

"The more that you actually say it, the more you are telling the universe and the powers that be around you that this is what you want. And that is what you will attract." Today we’re talking about how to properly plan your exit from your current job or firm. If you want to make a successful transition, you should follow these eight steps. The first step is to figure out your vision. You should spend some time thinking about what you want your life to look like in ten years and set a deadline. What kind of lifestyle do you want? Where do you want to live? Do you want to be married? Do you want to have kids? Once you have a clear vision, you can start setting specific goals for five years and one year from now. If you're looking to transition into a new area of law, or exit, follow the eight-step "Profit Framework" detailed in this episode. With proper planning, you can make a smooth transition. By following these steps, you'll be on your way to achieving your goals. For more on this topic and perspective, check out this episode 8 Steps to Planning Your Exit on my podcast Law and Quarter. In this episode, you will learn the following: 1. What are the eight steps to properly transition into a new area of law or to exit entirely? 2. How can you create a savings plan that will allow you to live off of that money for six months without any income? 3. What are some of the things that you need to do in order to start building your business? For more episodes and a free Law Firm Owner Profit Toolkit, go to https://lawandprofit.com

"My method is a holistic method that actually addresses all of these topics and will do so from a numbers perspective." I'm a law firm owner, and I know that I need to delegate, but I don't always know what to delegate or to whom. I've been working with a CPA who specializes in law firms, and he's helped me understand where I can cut costs and become more profitable. I've also been using technology to streamline my process and handle more clients. This has been a huge help! In this episode, you will learn the following: 1. How to delegate work in a law firm 2. How to hire effectively for a law firm 3. The importance of working with a CPA for a law firm For more episodes and a free Law Firm Owner Profit Toolkit, go to https://lawandprofit.com

I'm Jayden Doye and I'm delighted that you've joined me for the Law & Quarter Podcast. I'm known as the Traveling CPA, and I've dedicated my professional life to helping law firm owners reach new heights and catch more flights. I believe that you don't have to be tied to a desk seven days a week to have a profitable firm. That's why I'm here bringing ideas and information that can help you create a first-class firm that pays you the salary you deserve and provides you with the lifestyle you desire. More info and free resources: https://lawandquarter.com