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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