Need a Tax Deduction? Pay Legal Fees by Year-End for Substantial Tax Savings (Forbes)

Year-end planning is here.  Are you looking for ways to get a tax break?

Paying legal fees isn’t anyone’s favorite thing to do, but doing so on or before December 31 could result in substantial tax savings for you and your business.

Do you have deferred legal work?

Many of our clients have deferred legal needs, including Employment Agreements, Non-Compete Agreements, Non-Disclosure Agreements, review of key vendor and customer agreements to avoid future liability, or forming entities to hold and manage real estate or a new business venture.

Come in and speak with us before the end of the year to ensure that you handle the crucial legal work that has gone unaddressed, which will allow you to avoid liability and protect your interests while ultimately reducing your tax burden.

A few years ago Forbes released this useful article relating to year-end tax planning. Two pertinent excerpts from the article are below:

“Tax deductions can make legal fees a lot less painful, and with a 40% tax rate, $10,000 in deductible legal fees costs you only $6,000.”

“Business legal fees are fully deductible by individuals, corporations, LLCs, and partnerships. Fully deductible means not subject to limitations or alternative minimum tax (AMT).”

Call to make an appointment with us today and we will fit you in before Dec. 31.