7 Top Tips for Your Small Firm Taxes
Everyone's least favorite holiday, tax day, is fast approaching. If your fiscal year matches the calendar year and you (or better yet, your accountant) haven't gotten all your tax filings in order just yet, don't worry. You've still time to get everything together -- and to make sure you're getting all the tax deductions you're entitled to, while avoiding some common law firm tax pitfalls.
To help you out, here's FindLaw's top tax tips for your small firm or solo practice.
1. Small Business 101: Law Firm Tax-Preparation Tips
Here are all the basics for small business tax filings, from knowing when your fiscal year ends, to organizing your financial records, to making sure you meet all your employer responsibilities.
2. Trickier Tax Deductions That Your Firm May Be Missing
Did you know that you might be able to deduct auto expenses for your business car? What about credit card processing and banking fees? These are just a few of the deductions you might be overlooking.
3. Tax Tips for Deducting Your Travel Expenses
If you took a business trip last year, you might be able to deduct those expenses. Here are some quick pointers.
4. Remember You're Free to Deduct Pro Bono Expenses
If you do good for others, the IRS will do good for you. While you can't deduct the value of your pro bono legal work, you may be able to deduct related costs and expenses.
5. Checkpoint Tackles ACA ALE Requirements for Tax Firms, Clients
Don't forget, tax forms aren't the only things you or your clients have to file with the IRS. Larger firms and firms advising businesses should be aware of the Affordable Care Act's employer filing deadlines, which are fast approaching. Thankfully, Checkpoint is here to help you out.
6. New Partnership Tax Audit Rules Could Put You at Risk
Without much fanfare, new partnership audit rules were passed last December and they could make you liable for past partners' unpaid taxes.
7. Don't Be a Partner in Shelter Tax Crime
No one likes paying taxes, but if you attempt to get around them by creating an illegal tax shelter, you might find yourself on the wrong side of the law, like this Texas firm did.
Related Resources:
- Congress Considers Cap to Malpractice Damages, Contingent Fees (FindLaw's Strategist)
- 5 Things You May Be Able to Deduct From Your Firm's Tax Bill (FindLaw's Strategist)
- A 'Taxing' Way to Get Back at Deadbeat Clients (FindLaw's Strategist)