Watch the YouTube version of this episode HERE
In this episode of the Maximum Lawyer Podcast, co-hosts Jim and Tyson engage with tax attorney and CPA Daniel Rowe. Daniel, licensed in multiple states, shares his expertise on crucial tax considerations for law firms. Key highlights to this episode include: the importance of selecting the right business structure (LLC, S Corporation), tax treatment of legal settlements, and common mistakes by new law firm owners, such as poor record-keeping and inadequate tax compliance.
Daniel stresses the value of education, collaboration with advisors, and maintaining mental and physical health for overall success in managing a law firm. As well as, Daniel shares about how he manages his two separate firms!
Listen in for more details.
Jim’s Hack: Read the book “Stay Sane in an Insane World: How to Control the Controllables and Thrive” by Greg Harden.
Daniels’s Tips: Two key tips: Maintaining good records and seeking knowledgeable advisors for your business.
Tyson’s Tip: Your health matters! There is a connection of physical activity to mental health, so make a plan for the colder months ahead!
03:06 Tax Considerations for Law Firms
04:42 Law Firm Setup and Structure
08:07 Common Mistakes by New Law Firm Owners
11:04 Independent Contractors vs. Employees
13:04 Managing Two Separate Firms
Tune in to today’s episode and checkout the full show notes here.
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