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Year-End Tax Deductions For Your Law Office

It’s the end of the year and if you don’t have an accountant, get one!  Your accountant at this time should be telling you to maximize your deductions to take advantage of tax savings before January 1st if you know you’ll have to pay additional taxes for the 4th quarter.

Here’s a short list of what you can do before January 1st to minimize taxes:

  • If you’re in the market to buy new office supplies, computers, new tech, phone systems, etc…don’t want until the new year.  Do it now so that you can deduct it off this year’s taxes
  • If you know there are CLEs you would like to take, see if you can prepay them in advance to take them next year
  • If your membership fees are due shortly, pay them now
  • If you have a retirement account, maximize your contributions for this year (although you can do this until April 15 of next year to still qualify as a deduction for this year)
  • If your postage account is low, buy postage for next year
  • Many people are starting to go paperless or at least less paper – buy a Scansnap this year
  • Prepay January’s office rent
  • Take your business car for much needed repairs before the new year
  • Gather up donations from the office to take to goodwill or other charities to maximize charitable donation deductions
  • Give money away to charities for a deduction

Any other tips you can think of before the new year?  Post in the comments.

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