Law Practice Managment: Have You Met With Your CPA Yet?
Here we are providing our clients with top notch professional service and yet we ourselves are not making the most of our own professional advisors.
Is it because we think we don’t need them?
For the first few years I was out on my own, I thought I could handle everything myself. I used my CPA to file my taxes and that was it.
Big mistake!
As a result of that error, I ended up with an unexpected and unplanned for 6-figure tax bill in 2007. Yes, it meant 2006 was a great year, but coming up with over $100,000 to pay my taxes was not pretty. And, it meant that I left a lot of opportunities to save taxes on the table.
For example, I just met with my CPA for my October tax strategy meeting and this year, I’ll be putting $25,000 into my own 401(k) because by doing so, I drop my tax liability after payment of all my estimates down to zero.
That’s in contrast to the $7,000 or so I was going to owe if I didn’t contribute to the 401(k).
If I waited until February or March to meet with my CPA just so he could prepare my taxes, I’d have missed that opportunity.
Don’t be one of the cobbler’s kids. Call your CPA and schedule your own tax strategy session right now before anymore time for planning gets away and take the opportunity to remind your clients to do this too… You can provide so much value to your clients, stay at the top of their mind and be the lawyer they turn to next time they or a friend have a need, just by sending out an email or a newsletter with this kind of great advice that all business
owners need.
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