Under new IRC §199A, business entity owners may be able to deduct 20 percent of passthrough income. This tax boon, which is set to sunset after December 31, 2025, has many lawyers wondering whether they might personally benefit.
The following is a guest blog post by Laura Boysen-Aragon, a former practicing attorney and now a legal recruiter at Solutus Legal Search, LLC. This blog entry is the second of a two-part series, in response to questions submitted by our readers after our first installment.
So you’ve decided it’s time to make a change in your practice area, but change can be hard and you still have a lot of work to do. You’re not alone! Here are responses to questions we got from your colleagues in the same boat.
The following is a guest blog post by Laura Boysen-Aragon, a former practicing attorney and now a legal recruiter at Solutus Legal Search, LLC.
Whether you’ve been practicing law for 2 or 20 years, you may reach a point when you want to make a major change in your practice area. Maybe you’ve realized the type of client or the type of work isn’t the right fit, or perhaps the market has changed and you want to try something new. Whatever the reason, if you’re unhappy in your current practice, you can make a change.
The following is a guest blog post by Jeremy M. Evans, Managing Attorney at California Sports Lawyer, representing sports and entertainment professionals in contract drafting, negotiations, licensing, and career growth.
“Those who never try or quit too early end up working for those who tried and never quit.” True in any business and life in general, even more so in the solo practice of law—going solo requires you to step out and charge ahead.
Updated 2/2/18: Under new IRC §199A, owners of passthrough entities including a law practice organized as a partnership or professional corporation may deduct 20 percent of qualified business income, excluding reasonable compensation for the business owner. No deduction is allowed for passthrough income from personal services, including legal services, and the deduction is limited to 50 percent of wages paid to employees, but these limitations are phased in above an individual income threshold ($157,500 for single taxpayers, $315,000 for married taxpayers filing jointly). Taxpayers below the income threshold may deduct 20 percent of law practice income derived from the services of paralegals, associates, and other employees.
You’ve decided to open your own law office and are ready for your clients’ cases, but are you also ready to handle the tax issues that go hand-in-hand with running your own business?
The following is a guest blog post by Anabella Q. Bonfa. Ms. Bonfa is a litigator with Wellman & Warren LLP and has built a reputation for handling business and partnership disputes, theft of trade secrets, and unfair competition. She lectures extensively on trade secrets, networking, and using social media to develop business.
The legal job market is fiercely competitive. Learning to network can mean the difference between success and failure. Developing your networking skills can help you advance your career and grow a steady book of business that will give you constant job security. Here are 7 tips to help you become a networking star.
When starting your own law practice in California, one of your first decisions is what business form to use—should your practice be a sole proprietorship, a partnership, or a corporation? Don’t underestimate the importance of this choice!
Thought law practice was all about the law? Think again. Your practice is like any other business—you need to offer excellent customer service to be a success. Here are some tips to help you master the art of customer service.
The following is a guest blog post by Benjamin Scott. Ben is a solo estate planning attorney, a graduate of Concord Law School, a former high school physics teacher, and a father of three.
There are advantages of working another job while starting a solo law practice, but after a year of trying this experiment, I see the mistakes of trying to work two jobs.
When starting a law practice there are no guarantees of success, and going solo is a huge risk. Keeping another job while starting a part-time practice can allow you to lay the foundation for a thriving law practice while maintaining the security of a steady paycheck and benefits.