Finished 2017 tax projections: netted $1.326 mil (CSLG)
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Poast new message in this thread
Date: December 15th, 2017 11:20 AM Author: drunken home
I just finished doing my law firm books for 2017 and I netted $1,326,000. Any settlements the last couple weeks of the year will be pushed to 2018, so this is pretty much it for this year. Here is summary of my taxes:
According to my CPA here is my breakdown:
765K after taxes
136K to state income tax
425K to federal income tax
Firm Statistics
Total files: 283
Files in litigation: 41
Settlement: 85.5% of cases settle prelit
New files per month: 25-30
I paid off my house earlier this year. Our plan right now is to max out my SEP (54K) and my wife's 401K (18K) (which we have already been doing for years), and everything left above 100K (for a buffer) will be used to buy real estate. Wife works in-house as a lawyer and makes 120K + plus a 5-10K bonus.
It's kind of crazy how much I pay in taxes, but I feel like I do all the deductions I can without exposing myself to significant liability if audited. Although open to ideas (I already write off property tax, retirement, child care, health savings account, one business vehicle, cable, auto insurance, cell phone, new computers, office improvements, a reasonable amount of travel/meals/entertainment for business, etc).
Taking questions.
(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926680) |
Date: December 15th, 2017 11:24 AM Author: Beady-eyed chapel weed whacker
I'm hoping for between 750 and 1 mil next year. Congrats. Running between 150-175 cases. Significantly lower pre-lit settlement %. Mediating my biggest case ever this pm, which will count towards next year.
Qs: What helped make the jump from ~100-150 cases to where you are now? I've kind of plateau'd where I am.
Do you have an associate? How much support staff? What do you pay them?
(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926726) |
Date: December 15th, 2017 11:25 AM Author: Adventurous mewling mexican
set up a home office (so dont pay off your house) and deduct that plus util, internet, commuting, etc.
will not be a huge number but every little bit helps
(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926737) |
Date: December 15th, 2017 11:34 AM Author: house-broken vivacious hell
YNY get that hustle
congrats
(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926814) |
Date: December 15th, 2017 11:55 AM Author: mind-boggling native telephone
Can you ask your CPA about paying your 2018 estimated CA state taxes in 2017 since SALT is going away?
See this thread:
http://autoadmit.com/thread.php?thread_id=3828093&mc=37&forum_id=2
(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926949) |
Date: December 15th, 2017 5:33 PM Author: razzle-dazzle flatulent pisswyrm
180 friend.
have you thought about buying up some residential property and renting it out to take advantage of the mortgage tax deduction? 180 way to take advantage of savings because the rent and property tax + interest more or less balance out.
if you leave a room vacant, you can claim it as a second house or something
(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34929717) |
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Date: December 16th, 2017 10:55 AM Author: drunken home
1. Be friendly to everyone you meet, let them know what you do, let them know how to reach you (business cards), and tell them a quick interesting story about a cool case. This is hard if you don't have social skills but it can be learned with practice. Almost identical to PUA skills. It's all a numbers game. If you talk to 10,000 people and 1% hires you, that's 100 clients. I even handed out some business cards at the XO meeting in LA a week ago (not to everyone though since a lot of them already had my contact info).
2. Do great work for your clients. Be responsive, professional, and make sure they love you when the case is done.
3. Give your clients your cell phone number and make them feel like family. I become very close with all my clients and talk to them like a friend, not their lawyer. When they refer me people they talk about me as not only a lawyer but a good person. Makes people excited to hire me.
This is pretty much all you need to do. Most attorneys treat their clients like shit, are impossible to reach, and do shitty work. It's really not that hard to stand out.
(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34934354) |
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