The $5k Student Loan Tax Deduction for Law Firm Owners and Other Creative Repayment Strategies (Ep. 127)
Did you know your law firm can cover up to $5,250 of your student loan payments each year tax free?
On the latest episode of The Lawyer Millionaire Podcast, Darren Wurz breaks down the Section 127 plan and how law firm owners can use it to pay down student debt more efficiently. This isn’t just great for employees, it works even if you’re a solo owner. Plus, you’ll find insights on new repayment plans, forgiveness options, and the creative strategies successful firms are using to build wealth while tackling student loans.
This episode covers:
- Prevalence of student loan debt among attorneys.
- How to structure your law firm’s payments to save big on taxes.
- Pitfalls to avoid with new repayment plans and deadlines.
- Strategies to use windfalls, home equity, or even life insurance to accelerate your paydown.
- The new RAP plan and how it differs from other income driven repayment plans.
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Resources:
Connect with Darren Wurz:
- Schedule a Call with Darren
- The Lawyer Millionaire Website
- The Lawyer Millionaire: The Complete Guide for Attorneys on Maximizing Wealth, Minimizing Taxes, and Retiring with Confidence by Darren Wurz
- LinkedIn: Darren P. Wurz
- Join The Lawyer Millionaire Founders Network and Book Club for Free
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