401(k)Employee BenefitsLaw firmTax Planning

2019 Tax Saving Checklist for Attorneys

  • Forecast 2019 taxes now based on 2018 year-to-date results. (If you don’t have 2018 YTD then we really need to talk).
  • Use a Health Reimbursement Arrangement (HRA) for tax-free payments of out-of-pocket expenses
  • Use a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA) for insurance assistance
  • Add a Health Savings Account (HSA) for long term health security
  • Adapt an Education Assistance plan
  • Modify 401(k) plan to include matching credit for student loan payments
  • Use Accountable Reimbursement Plans to lower wage taxes
  • Use Special Partnership Allocations for maximum tax impact
  • Consider timing of trust fund disbursements
  • Use split dollar cash value life insurance for deferred compensation
  • Consider other unfunded deferred compensation plan
  • Segregate non-professional income for possible 20% exclusion
  • Consider employee vs contractor allocation
  • Use employer-provided IRAs
  • Use profit sharing plan
  • Use pension plan for maximum deductions in late career
  • Employ family members
  • Use family limited partnerships
  • Invest in tax-free Qualified Small Business stock
  • Invest in limited partnership with large up-front deduction
  • Gifting of income-producing assets to family members
  • Donating appreciated stocks to charity
  • Use a Family Trust
  • Use a Charitable Lead Trust
  • Use a Charitable Remainder Trust
  • Sale and lease back arrangements of business assets
  • Match passive losses with passive income

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