At RCO TAX, we understand that navigating the complex world of tax regulations is crucial for lawyers looking to optimize their financial health.
Our expert team is here to guide you through the latest tax strategies designed to benefit your practice.
⦿ Leverage Increased Section 179 Deductions: Maximize your deductions on office equipment and technology purchases to reduce your taxable income.
⦿ Utilize the Qualified Business Income (QBI) Deduction: Benefit from a 20% deduction on qualified business income for pass-through entities.
⦿ Optimize Retirement Contributions: Increase contributions to tax-deferred retirement accounts like SEP IRAs or Solo 401(k)s to lower your taxable income and save for the future.
⦿ Claim Energy Efficiency Tax Credits: Invest in energy-efficient office upgrades and take advantage of available tax credits.
⦿ Conduct Cost Segregation Studies: Accelerate depreciation deductions on your office real estate to improve cash flow.
⦿ Maximize Charitable Contributions: Make strategic charitable donations and enjoy tax deductions while supporting worthy causes.
⦿ Utilize Tax-Advantaged Accounts: Reduce your taxable income and cover medical expenses through Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs).
⦿ Claim the Home Office Deduction: If you work from home, ensure you’re claiming all eligible deductions for your home office.
⦿ Explore Income Splitting Opportunities: Distribute income among family members in lower tax brackets to reduce your overall tax burden.
⦿ Adopt Tax-Efficient Investment Strategies: Adjust your investment portfolio to minimize tax impact and optimize returns.
⦿ Plan for Estate Taxes: Implement effective estate planning strategies to minimize estate taxes and ensure efficient wealth transfer.