Tax Strategies for Law Firms and Small Businesses

Choosing the right tax strategy can have a major impact on a law firm's bottom line, but many attorneys continue to miss out on legitimate opportunities to reduce tax liability. This practical course walks legal professionals through entity selection, compensation planning, and advanced deductions tailored for law firms and small business owners. Bryan Santarelli, a partner at FisherBroyles, explores how attorneys can better evaluate tax structures (e.g., S Corps vs. sole proprietorships), work with tax advisors strategically, and take advantage of commonly overlooked deductions, such as the Augusta Rule, home office reimbursements, and family payroll planning.

Designed specifically for lawyers who own, operate, or advise small firms and professional services businesses, this session offers real-world examples, sample calculations, and guidance on avoiding common pitfalls. Attendees will leave with actionable insights that support ethical and proactive tax planning heading into a critical election year for key tax provisions.

Learning Objectives:

By the end of this course, participants will be able to:

1. Compare the tax implications of different entity structures (e.g., sole proprietorships, S Corps, and C Corps) for law firms and service-based businesses
   
   
2. Evaluate tax strategies involving owner compensation, shareholder distributions, and payroll tax optimization
   
   
3. Identify opportunities for tax savings through family employment, home office reimbursements, and the Augusta Rule
   
   
4. Recognize common tax compliance issues that arise in S Corporations and how to address or avoid them
   
   
5. Collaborate effectively with tax professionals by understanding key distinctions between tax preparers, advisors, and strategists