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The Role of Retainers in Legal Accounting: Best Practices for Compliance

Tax Geaks

Aug 22, 20232 min read

The Role of Retainers in Legal Accounting: Best Practices for Compliance

Retainers are foundational to many legal practices, providing financial stability and fostering client trust.

Year-End Accounting Checklist for Attorneys

Tax Geaks

Aug 22, 20232 min read

Year-End Accounting Checklist for Attorneys

This checklist serves as a handy tool to guide attorneys through their fiscal wrap-up, setting the stage for successful

Understanding Depreciation for Law Offices: Equipment, Property, and More

Tax Geaks

Aug 22, 20232 min read

Understanding Depreciation for Law Offices: Equipment, Property, and More

Depreciation allows law firms to account for this natural decline in value. But how does one navigate the maze of depreciation rules? Let's

Tax Strategies for Solo Practitioners: Making the Most of Your Income

Tax Geaks

Aug 22, 20232 min read

Tax Strategies for Solo Practitioners: Making the Most of Your Income

Stepping out as a solo practitioner brings immense independence and the power to shape your legal destiny. However, with autonomy comes the

The Deductible Expenses Every Attorney Should Know About

Tax Geaks

Aug 22, 20232 min read

The Deductible Expenses Every Attorney Should Know About

Attorney Trust Accounts: Accounting Best Practices

Tax Geaks

Aug 22, 20232 min read

Attorney Trust Accounts: Accounting Best Practices

Handling client funds is one of the most significant responsibilities that attorneys undertake. Given the fiduciary nature of this task

The Impact of Legal Settlements on Tax Liability

Tax Geaks

Aug 22, 20232 min read

The Impact of Legal Settlements on Tax Liability

Legal settlements can be a windfall for plaintiffs, a necessary expense for defendants, and a significant achievement for attorneys. Howeve

Navigating Legal Entity Selection: The Tax Benefits & Drawbacks for Attorneys

Tax Geaks

Aug 22, 20232 min read

Navigating Legal Entity Selection: The Tax Benefits & Drawbacks for Attorneys

For attorneys setting up a practice, one of the first and most critical decisions to make is selecting the right legal entity. This decision

Tax Implications for Law Firms: A Comprehensive Guide

Tax Geaks

Aug 22, 20232 min read

Tax Implications for Law Firms: A Comprehensive Guide

The realm of law is often regarded as an intricate maze, with multiple facets and intricate details, and the tax landscape for law firms

Common Tax Mistakes to Avoid: Tips for Individuals and Businesses

Tax Geaks

Aug 18, 20233 min read

Common Tax Mistakes to Avoid: Tips for Individuals and Businesses

Introduction: Tax season can be a stressful time for individuals and businesses alike. Making errors on your tax return can lead to...

Accounting Ethics: Maintaining Integrity in Financial Reporting

Tax Geaks

Aug 4, 20232 min read

Accounting Ethics: Maintaining Integrity in Financial Reporting

Introduction: Ethics are of utmost importance in the field of accounting, as they ensure the accuracy, transparency, and integrity of...

Tax Filing for Tenants in Common (TIC) Businesses in Real Estate: A Comprehensive Guide

Tax Geaks

Aug 3, 20232 min read

Tax Filing for Tenants in Common (TIC) Businesses in Real Estate: A Comprehensive Guide

In real estate, tenants in common (TIC) is a popular ownership arrangement where multiple businesses co-own a property together.

Tax Planning Strategies for Individuals: Minimizing Your Tax Liability

Tax Geaks

Jul 28, 20232 min read

Tax Planning Strategies for Individuals: Minimizing Your Tax Liability

Introduction: Paying taxes is an inevitable part of life, but individuals have the opportunity to minimize their tax liability through...

The Importance of Accurate Bookkeeping for Small Businesses

Tax Geaks

Jul 14, 20232 min read

The Importance of Accurate Bookkeeping for Small Businesses

Introduction: Accurate bookkeeping is the backbone of financial management for small businesses. It involves recording and organizing...

Does My Will or Trust Have to be Filed in Court? Understanding Legal Procedures

Tax Geaks

Jul 6, 20232 min read

Does My Will or Trust Have to be Filed in Court? Understanding Legal Procedures

When dealing with estate planning, a common question that arises is: "Does my will or trust have to be filed in court?"

Understanding the Interplay between Gift Tax and Trusts

Tax Geaks

Jul 6, 20232 min read

Understanding the Interplay between Gift Tax and Trusts

When it comes to estate planning, the concepts of gift tax and trusts are often intertwined. But what exactly are these concepts and how do

Filing Form 1041: A Step-by-Step Guide for Estate Income Taxes

Tax Geaks

Jul 6, 20232 min read

Filing Form 1041: A Step-by-Step Guide for Estate Income Taxes

The loss of a loved one comes with a range of emotions and challenges. Among the practical responsibilities you may face is the filing of

Filing Form 706: A Step-by-Step Guide for Estates

Tax Geaks

Jul 6, 20232 min read

Filing Form 706: A Step-by-Step Guide for Estates

Losing a loved one is a difficult and emotional journey. As you navigate through this challenging time, you may be required to handle

Navigating the Probate Process: What to Do When a Parent Dies Without a Will

Tax Geaks

Jul 6, 20232 min read

Navigating the Probate Process: What to Do When a Parent Dies Without a Will

When a parent passes away without a will, it can add to the confusion and emotional turmoil already associated with the loss. Known as dying

Navigating Tax Preparation after a Parent's Death: Estate Taxes and Final Tax Returns

Tax Geaks

Jul 6, 20232 min read

Navigating Tax Preparation after a Parent's Death: Estate Taxes and Final Tax Returns

Losing a parent is an emotionally challenging time, and the administrative tasks that follow can be equally daunting. One of these tasks is

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