Darren Wurz is a highly regarded specialist in financial planning for law firm owners, and he is widely recognized as a published author and engaging public speaker. With his extensive experience as a financial planner, Darren partners with entrepreneurial law firm owners to turn their business success into extraordinary personal wealth and financial independence. He is the best-selling author of The Lawyer Millionaire: The Complete Guide for Attorneys on Maximizing Wealth, Minimizing Taxes, and Retiring with Confidence, a book published by the American Bar Association. Read More ›
Five Steps To Tax Mastery for Law Firm Owners To Enhance Profitability
Join us for a comprehensive Continuing Legal Education (CLE) presentation tailored specifically for solo practitioners and small law firms seeking to optimize their tax strategies. In today's ever-evolving financial landscape, it's crucial for legal professionals to understand the intricacies of tax law and how to leverage it to their advantage.
This session will delve into practical techniques and actionable insights designed to minimize tax liabilities while maximizing returns. From navigating deductions and credits to strategic entity structuring and retirement planning, participants will gain valuable knowledge to ensure their firm's financial health.
Learning Objectives:
- Understand the key tax deductions and credits available to legal professionals, and learn how to effectively leverage them to reduce taxable income for solo practitioners and small law firms.
- Gain insight into the various entity structures available to legal firms and learn how to select the most advantageous structure for tax minimization purposes.
- Explore retirement planning strategies tailored to the unique needs of legal professionals, including the utilization of retirement plans to reduce current taxable income and secure future financial stability.
- Learn practical techniques for managing expenses effectively within a legal practice to maximize deductions and minimize tax liabilities.
- Stay updated on recent tax law changes and their potential impact on solo practitioners and small law firms, enabling proactive adjustments to tax planning strategies for continued compliance and optimization.
Agenda:
- Introduction
- About the speaker
- Polling questions for the audience
- Introduction to taxes for law firm owners
- Business Owner Tax Strategies
- Statistics and introduction
- Employer retirement plans overview and features
- Business organization and payroll tax consequences
- Tax effects of employing family members
- Taxes and travel expenses
- End-of-year tax planning
- Contingency fee tax deferral
- Personal Tax Strategies
- Overview of IRAs and HSAs (health savings accounts)
- Roth versus traditional IRAs
- Health savings accounts
- Roth conversions
- Backdoor Roth contributions
- Year-round tax planning
- Taxes in Retirement
- The hidden IRA tax bomb
- The widow’s penalty
- Minimizing taxes in retirement
- Summary, Review & Questions
Topics covered include:
Law Practice Management
Duration of this webinar:
60 minutes
Originally broadcast:
October 10, 2024 10:00 AM PT
Continuing Legal Education (CLE) Credits
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California CLE
Status: Approved
Credits: 1.0 General
Earn Credit Until: October 09, 2026
South Carolina CLE
Status: Approved
Credits: 1.0 General
Difficulty: All Levels
Earn Credit Until: December 31, 2024
North Carolina CLE
Status: Approved
Credits: 1.0 General
Earn Credit Until: February 28, 2025
Texas CLE
Status: Approved
Credits: 1.0 General
Earn Credit Until: September 30, 2025
This presentation is approved for one hour of General CLE credit in California, South Carolina (all levels), and North Carolina. This course has been approved for Minimum Continuing Legal Education credit by the State Bar of Texas Committee on MCLE in the amount of 1.0 credit hours.
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Note that CLE credit, including partial credit, cannot be earned outside of the relevant accreditation period. To earn credit for a course, a lawyer must watch the entire course within the relevant accreditation period. Lawyers who have viewed a presentation multiple times may not be able to claim credit in their jurisdiction more than once. Justia reserves the right, at its discretion, to grant an attendee partial or no credit, in accordance with viewing duration and other methods of verifying course completion.
At this time, Justia only offers CLE courses officially accredited in certain states. Lawyers may generate a generic attendance certificate to self-submit credit in their own jurisdiction, but Justia does not guarantee that lawyers will receive their desired CLE credit through the self-submission or reciprocity process.
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