If you’re anything like the Creator’s Law Firm crew, the last two months of the year inspire us to settle into a season of reflection and greater gratefulness for our colleagues, our clients, and our own personal and professional growth.
Considering the whirlwind that’s been the past two years, we are even more thankful our brand is still standing strong in service to woman-powered brands and creative entrepreneurs.
Like you, the pandemic has pushed and pressed us into previously unknown realms of creativity.
I’m sure you’ve experienced unprecedented growth and your business today is likely unrecognizable from the company you had a year ago (heck, even six months ago).
This walk is hard.
It’s often lonely.
As a CEO, this is why I’ve endeavored to surround myself with wise counsel, not just wise company.
One of the most significant areas of growth for me has been embracing vulnerability and welcoming exceptional professionals to partner with us as we pursue the ultimate vision for The Creator’s Law Firm.
In pursuit of our vision, this means we are required to make smart investments, hire lawyers (yes, I have several), engage bookkeepers, accountants, and tax strategists, and so many more dynamic professionals.
As a CEO, I now have more insight and ingenuity with critical advisors, which empowers me to lean into the knowledge and respective skillsets of my “wise counselors” and partner with them to make the best decisions for my business and team.
Are Professional Service and Legal Fees Tax Deductible?
Now, I’m not sharing this tip with you to give you tax advice (don’t come for me, Uncle Sam), but to share wisdom as you enter into your own season of reflection and strategic planning. I love partnering with my external team for assistance to make strategic decisions for our firm. For example, I recently met with our CFO.
Together, we reviewed our profit and loss for the year, strategically calculated firm-wide raises, created our 2022 budget, and determined the best investments we need to make to reduce our taxable income before the New Year’s ball drops.
Many CEOs are gearing up to make the same decisions and searching for solid investments to protect their company and their profits by reducing their taxable income. I’m always surprised that creative business owners don’t realize that legal services performed for your company are tax-deductible.
Since we are all learning and our firm prides itself on providing culturally-relevant representation, we’ve compiled a list of common tax-deductible legal fees for businesses.
Smart Tip: Work on your company’s legal matters before the end of the year, and deduct the attorney’s fees from your 2022 taxes.