To be successful today, professionals must be prepared for many challenges. While the rewards of owning a successful solo law practice or small firm are great, the path is wrought with pitfalls to be avoided. After successfully navigating through the challenges of business development, client service, practice management, and fee collection, many professionals may find themselves caught “behind the ball” when it comes to tax planning. Often this is not for lack of will but rather a lack of understanding of all the various types of taxes imposed on sole practitioners and small firms alike.
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