Starting a Law Practice – Part 4: Tax Planning and Compliance

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Whether you’re a solo practitioner or starting a law practice, there are fundamental tax considerations that can be critical to the overall success of your business.

First and foremost among these is the calculation and payment of estimated individual income taxes. The LLC member/owner is not an employee and therefore derives no compensation from wages. Members of a partnership, or an LLC taxed as a partnership, should not set themselves up on payroll as employees. Compensation is determined by an allocation of the firm’s net income, either specially allocated in the form of guaranteed payments or through a …read more

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