Tax Fraud: Top Schemes Law Firm Owners Should be Wary Of (Ep. 169)
High-income law firm owners are prime targets for abusive tax schemes due to their complex finances, motivation to reduce tax burden, and legal sophistication, which can create a complexity bias due to the tendency to trust complicated strategies as legitimate.
On this episode I discuss the top tax fraud schemes that target law firm owners and how to protect yourself.
Darren discusses:
- Why law firm owners are easy target for fraudulent tax schemes.
- The consequences of engaging in tax fraud.
- Top 5 abusive tax schemes common among law firm owners.
- 8 tax planning strategies you should consider.
- The reality of IRS scrutiny.
Resources:
- Profit First – Transform Your Business from a Cash-Eating Monster to a Money-Making Machine by Mike Michalowicz (Book)
- Simple Numbers, Straight Talk, Big Profits by Greg Crabtree (Book)
- Law Firm Profitability Assessment
- How to Calculate Your Law Firm Tax Reserve
Connect with Darren Wurz:
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- The Lawyer Millionaire Website
- LinkedIn: Darren P. Wurz
- Join The Lawyer Millionaire® Community
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