May 15, 2024
Did you know thousands of lawyers lose their license each year because of IOLTA mismanagement? On top of that, studies show the average lawyer is spending 2.5 hours per day on billable work. We don’t want you to become one of those lawyers, so tune in to learn how you can protect and scale your business through specialized tax services.
In this episode of Cut to the Chase, Gregg is joined by Jayden Doyé, a best-selling author, international speaker, Certified CPA, and President of Prestige Accounting & Consulting. Jayden helps law firm owners reach new heights, catch more flights, and pay less to the IRS. He’s also hosting a conference, Raise the Bar Live, on June 18th-21st in Atlanta, GA, where you can learn how to scale a seven-figure business without burning out and losing your soul.
After seeing a huge gap in the market, Jayden realized how desperately law firms need specialized accounting services… including you! Lawyers have unique needs in tax planning, deductions, profitability, billing, IOLTA management, and so much more.
Are there accounting mistakes you’re making that are holding you back from success? Tune in to find out!
In this episode of Cut to the Chase, Gregg and Jayden discuss:
- What is tax planning and how does it benefit law firm owners?
- Why lawyers struggle with IOLTA management (Interest on Lawyers' Trust Accounts).
- Are lawyers eligible for Qualified Business Income deductions (QBI)?
- What you should know about claiming vehicle depreciation on your taxes.
- Can a CPA amend my past tax returns?
- What to do when you receive your tax return.
- What you’ll learn at the Raise the Bar Live Conference 2024 + Jayden reveals some exciting keynote speakers and panelists.
- What you’ll gain from a free consultation with Jayden.
Key Actionable Takeaways for Law Firms:
- Tax planning benefits lawyers by helping them save money on taxes through strategies like hiring family members, medical reimbursement plans, identifying which vehicles have the greatest tax advantages, and much more. There are tons of ways to save money on taxes, you just have to talk to a professional.
- Most of Jaydens clients are benefitting from QBI deductions, so don’t forget to ask your accountant if you’re eligible!
- When you get your tax return, don’t just sign it and move on. Review it with your tax professional and make sure the numbers in your accounting software reflect in your business tax return. You also want to have an explanation of the numbers on your personal tax return.
- In order to reach the next level in your business, you have to have a plan. At Raise the Bar Live, Jayden is creating a space for law firm owners to mastermind with other like-minded lawyers and create a plan that they can implement in the next quarter. Plus, the conference is tax deductible!
*Disclaimer: This content is for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
To learn more about Jayden Doyé, connect on LinkedIn: https://www.linkedin.com/in/jaydendoyecpa
Follow him on Instagram: https://www.instagram.com/thegreatjayden
Book a complimentary consultation with Prestige Accounting & Consulting: https://accounting-atlanta.com
Don’t Get Disbarred - 7 Financial Mistakes Law Firm Owners Make That Put Their License At Risk: https://lawofficecpa.com/7mistakes-home
Buy his book, Raise the Bar: https://www.amazon.com/Raise-Bar-6-Figure-Revenues-Profits-ebook/dp/B0BPYX25YB