Law and Quarter: Recent Episodes
Jayden Doye
I'm Jayden Doye and I'm delighted that you've joined me for the Law & Quarter Podcast. I'm known as the Traveling CPA, and I've dedicated my professional life to helping law firm owners reach new heights and catch more flights. I believe that you don't have to be tied to a desk seven days a week to have a profitable firm. That's why I'm here bringing ideas and information that can help you create a first-class firm that pays you the salary you deserve and provides you with the lifestyle you desire.
During this podcast, you will learn my Six-Step Profit Method that helps law firm owners shift from six figure revenues to six figure profits without burnout. And we will talk about how to organize your law firm so that it can work for you versus you slaving and working in this business. This podcast is specifically for those law firm owners who have reached a certain level of success, but you're not living the lifestyle that you thought you would be living when you first started your firm. If you take less than eight vacations a year and you own your own law firm, this podcast is specifically for you. Once again, thanks for joining me and welcome to Law & Quarter. For more episodes and a free Law Firm Owner Profit Toolkit, head over to LawAndQuarter.com.
In a saturated marketplace, a seasoned lawyer must strategically target a specific niche market and craft a tailored marketing plan to stand out, find their big fish, and convert leads into clients.This episode focuses on targeting a niche market through narrowing down potential clients that have a shared goal or need, how to research and plan marketing strategies, and tips on staying focused on a niche market. Doing research on industry trends and competitors, and creating a sales funnel and targeted landing page are all important steps in making sure that your law firm succeeds."By focusing on a specific area, you can develop expertise that will make you more appealing to potential clients, and in addition, niche markets tend to be less competitive than the broader legal market, making it easier to stand out of the crowd."In this episode, you will learn the following:1. How to stand out of the crowd in today's saturated legal marketplace by targeting a specific niche market.2. How to create an effective sales funnel to convert leads into clients.3. What methods to use to stay ahead of the competition and to stay focused on your niche market.For more episodes and a free Law Firm Owner Profit Toolkit, go to https://lawandprofit.comAbout JaydenJayden was not always the financial guru that he is today. Growing up in a household just shy of the federal poverty line in Prince George’s County, Maryland, he knew the importance of money management but didn’t have the tools to create the financial stability he so desperately craved. After graduating Towson University with a B.S in Accounting and incurring a large amount of debt, Jayden was determined to make a change.With a little hard work, and A LOT of sacrifice, Jayden became independent, gained professional growth as an accountant at a small CPA firm in Atlanta, and became a Certified Public Accountant. Over the next years, he’s worked with clients in just about every industry — helping them not only expand their financial portfolios, but to create plans that ensure financial sustainability and minimize taxability.As a CPA, Jayden’s goal is to help entrepreneurs like himself gain independence and create a unique action plan to bring more to their bottom line while paying less in taxes. Invest in yourself and start working with Jayden TODAY!Jayden’s Website/Links* Website - https://www.prestigeaccountants.com * Facebook - https://www.facebook.com/prestigeaccountingsolutions/ * Instagram - https://www.instagram.com/prestigeaccountants/ * LinkedIn - https://www.linkedin.com/in/t-jayden-doye-cpa-68a507191/
Learn how to set target revenue goals that are both achievable and realistic for your business.Today I discuss revenue goal setting and explain how to set SMART goals for increasing revenue. This includes being specific, measurable, attainable, relevant, and time bound. It also includes understanding the story behind the number, looking at cost per leads, and analyzing what works and what doesn't to maximize marketing dollars."Set SMART goals to increase your revenue and maximize your marketing dollars to reach your goals."In this episode, you will learn the following:1. How to Set SMART Revenue Goals to Increase Profits2. Uncovering the Story Behind Your Revenue Goal3. Maximizing Your Marketing Dollars for Optimal ResultsFor more episodes and a free Law Firm Owner Profit Toolkit, go to https://lawandprofit.comFor more episodes and a free Law Firm Owner Profit Toolkit, sign up below.About JaydenJayden was not always the financial guru that he is today. Growing up in a household just shy of the federal poverty line in Prince George’s County, Maryland, he knew the importance of money management but didn’t have the tools to create the financial stability he so desperately craved. After graduating Towson University with a B.S in Accounting and incurring a large amount of debt, Jayden was determined to make a change.With a little hard work, and A LOT of sacrifice, Jayden became independent, gained professional growth as an accountant at a small CPA firm in Atlanta, and became a Certified Public Accountant. Over the next years, he’s worked with clients in just about every industry — helping them not only expand their financial portfolios, but to create plans that ensure financial sustainability and minimize taxability.As a CPA, Jayden’s goal is to help entrepreneurs like himself gain independence and create a unique action plan to bring more to their bottom line while paying less in taxes. Invest in yourself and start working with Jayden TODAY!Jayden’s Website/Links* Website - https://www.prestigeaccountants.com * Facebook - https://www.facebook.com/prestigeaccountingsolutions/ * Instagram - https://www.instagram.com/prestigeaccountants/ * LinkedIn - https://www.linkedin.com/in/t-jayden-doye-cpa-68a507191/
Discover how to maximize your cash flow and never worry about money management again!Learn about Cash Flow Management with this podcast episode which discusses a new cash flow method that could help improve your firm's profitability. This method involves having four to five bank accounts, including an income account, an operating expense account, a profit account, and a tax savings account. It also includes tips on how to maximize profitability, such as avoiding bad clients, raising rates, billing regularly, and double-checking expenses. Additionally, learn how to save on expenses, such as looking at staffing expenses, physical space needs, and vendor arrangements."If you don't ask, you shall not receive."In this episode, you will learn the following:1. How can firms ensure profitability and cash flow management with a new cash flow method?2. What are the tips to maximize a firm's profitability and cut expenses?3. What strategies can be used to negotiate with vendors to save money?For more episodes and a free Law Firm Owner Profit Toolkit, go to https://lawandprofit.com
About JaydenJayden was not always the financial guru that he is today. Growing up in a household just shy of the federal poverty line in Prince George’s County, Maryland, he knew the importance of money management but didn’t have the tools to create the financial stability he so desperately craved. After graduating Towson University with a B.S in Accounting and incurring a large amount of debt, Jayden was determined to make a change.With a little hard work, and A LOT of sacrifice, Jayden became independent, gained professional growth as an accountant at a small CPA firm in Atlanta, and became a Certified Public Accountant. Over the next years, he’s worked with clients in just about every industry — helping them not only expand their financial portfolios, but to create plans that ensure financial sustainability and minimize taxability.As a CPA, Jayden’s goal is to help entrepreneurs like himself gain independence and create a unique action plan to bring more to their bottom line while paying less in taxes. Invest in yourself and start working with Jayden TODAY!Jayden’s Website/Links* Website - https://www.prestigeaccountants.com
* Facebook - https://www.facebook.com/prestigeaccountingsolutions/
* Instagram - https://www.instagram.com/prestigeaccountants/
* LinkedIn - https://www.linkedin.com/in/t-jayden-doye-cpa-68a507191/
IOLTA Accounts are trust accounts that collect interest and are used to provide free or low-cost civil legal services. Operating accounts and trust accounts are the main difference between a law practice and other businesses. Retainers must go into the trust account, fees come out of the operating account, and money is transferred from the trust account to the operating account when it is earned. Proper record keeping is necessary and a three-way reconciliation report is usually required. Funds should not be used to pay operating expenses and all unclear transactions should be handled according to state guidelines. The book balance, bank balance, and balance by matter should all match up."If you follow these rules, this will minimize the risk of commingling funds and you're losing your license."In this episode, you will learn the following:1. What are the general rules that apply to an IOLTA account and how can law firm owners understand this concept without difficulty?2. How should law firms handle retainers properly and what are the record-keeping requirements for IOLTA accounts?3. How can law firms use CosmoLex to track IOLTA account funds and prevent commingling of funds?For more episodes and a free Law Firm Owner Profit Toolkit, go to https://lawandprofit.comAbout JaydenJayden was not always the financial guru that he is today. Growing up in a household just shy of the federal poverty line in Prince George’s County, Maryland, he knew the importance of money management but didn’t have the tools to create the financial stability he so desperately craved. After graduating Towson University with a B.S in Accounting and incurring a large amount of debt, Jayden was determined to make a change.With a little hard work, and A LOT of sacrifice, Jayden became independent, gained professional growth as an accountant at a small CPA firm in Atlanta, and became a Certified Public Accountant. Over the next years, he’s worked with clients in just about every industry — helping them not only expand their financial portfolios, but to create plans that ensure financial sustainability and minimize taxability.As a CPA, Jayden’s goal is to help entrepreneurs like himself gain independence and create a unique action plan to bring more to their bottom line while paying less in taxes. Invest in yourself and start working with Jayden TODAY!Jayden’s Website/Links* Website - https://www.prestigeaccountants.com * Facebook - https://www.facebook.com/prestigeaccountingsolutions/ * Instagram - https://www.instagram.com/prestigeaccountants/ * LinkedIn - https://www.linkedin.com/in/t-jayden-doye-cpa-68a507191/
Today you will learn the secrets of successful budgeting and cost management to save money like a pro!
I am back to give you some tips on managing costs and budgeting. When setting income goals, it is important to consider the time, system, and tools necessary to obtain those goals. Additionally, there are both fixed and variable costs to take into account when creating a budget. Finally, tracking progress with a spreadsheet and reassessing plans each quarter help ensure success and meeting goals."By monitoring your success and your progress, this will make sure that you are not only providing the best service to your clients, but also serving yourself as a business owner."In this episode, you will learn the following:1. How can law firm owners increase their close rate and obtain more clients?2. What are the costs associated with increasing productivity in a law firm?3. What strategies can law firms use to monitor their progress and ensure their success?For more episodes and a free Law Firm Owner Profit Toolkit, go to https://lawandprofit.comFor more episodes and a free Law Firm Owner Profit Toolkit, sign up below.About JaydenJayden was not always the financial guru that he is today. Growing up in a household just shy of the federal poverty line in Prince George’s County, Maryland, he knew the importance of money management but didn’t have the tools to create the financial stability he so desperately craved. After graduating Towson University with a B.S in Accounting and incurring a large amount of debt, Jayden was determined to make a change.With a little hard work, and A LOT of sacrifice, Jayden became independent, gained professional growth as an accountant at a small CPA firm in Atlanta, and became a Certified Public Accountant. Over the next years, he’s worked with clients in just about every industry — helping them not only expand their financial portfolios, but to create plans that ensure financial sustainability and minimize taxability.As a CPA, Jayden’s goal is to help entrepreneurs like himself gain independence and create a unique action plan to bring more to their bottom line while paying less in taxes. Invest in yourself and start working with Jayden TODAY!Jayden’s Website/Links* Website - https://www.prestigeaccountants.com * Facebook - https://www.facebook.com/prestigeaccountingsolutions/ * Instagram - https://www.instagram.com/prestigeaccountants/
LinkedIn - https://www.linkedin.com/in/t-jayden-doye-cpa-68a507191/
Uncover the secrets of successful financial projections and take your business to the next level!Today, you will learn how to create successful financial projections and grow your business, and the importance of planning for a successful law firm. It's important to analyze projected expenses, revenues, and clientele, gather historical data, and create conservative estimates. When creating projections, factors to consider include billing, type of law practiced, geographic location, and economic climate. Additionally, it's important to be realistic, account for all potential sources of revenue and expenses, and rework projections every quarter. Finally, projections can be a valuable tool for investors and banks when looking to obtain capital."Many times when I meet lawyers, they're at a point to where what they have done thus far has just gotten them to six figures. It's rather easy to get your business to generate six figure revenues. But when you want to shift and get into six figure profits, there needs to be some type of change."In this episode, you will learn the following:1. Discover how to shift from six figure revenues to six figure profits.2. Uncover the secrets of successfully creating financial projections for your law firm.3. Find out the best ways to attract investors and partners into your law firm.For more episodes and a free Law Firm Owner Profit Toolkit, go to https://lawandprofit.comAbout JaydenJayden was not always the financial guru that he is today. Growing up in a household just shy of the federal poverty line in Prince George’s County, Maryland, he knew the importance of money management but didn’t have the tools to create the financial stability he so desperately craved. After graduating Towson University with a B.S in Accounting and incurring a large amount of debt, Jayden was determined to make a change.With a little hard work, and A LOT of sacrifice, Jayden became independent, gained professional growth as an accountant at a small CPA firm in Atlanta, and became a Certified Public Accountant. Over the next years, he’s worked with clients in just about every industry — helping them not only expand their financial portfolios, but to create plans that ensure financial sustainability and minimize taxability.As a CPA, Jayden’s goal is to help entrepreneurs like himself gain independence and create a unique action plan to bring more to their bottom line while paying less in taxes. Invest in yourself and start working with Jayden TODAY!Jayden’s Website/Links* Website - https://www.prestigeaccountants.com * Facebook - https://www.facebook.com/prestigeaccountingsolutions/ * Instagram - https://www.instagram.com/prestigeaccountants/
LinkedIn - https://www.linkedin.com/in/t-jayden-doye-cpa-68a507191/
Learn that Key Performance Indicators (KPIs) are important for measuring progress, setting goals, and ensuring efficiency in law firms. Common KPIs for law firms include billable hours, new client acquisitions, and case is one. Additionally, KPIs can also help measure client satisfaction, marketing efforts, and financial KPIs such as revenue growth, cost containment, and profitability. Lastly, law firms should also measure employee and client churn rates to ensure they are not losing employees or clients often."Using KPIs is one of the best ways to ensure that your law firm is operating at the highest level of efficiency."In this episode, you will learn the following:1. How can law firms use KPIs to assess and improve their performance?2. What metrics should law firms track to measure the success of their marketing efforts?3. How can law firms reduce their employee turnover rate and associated costs?For more episodes and a free Law Firm Owner Profit Toolkit, go to https://lawandprofit.comAbout JaydenJayden was not always the financial guru that he is today. Growing up in a household just shy of the federal poverty line in Prince George’s County, Maryland, he knew the importance of money management but didn’t have the tools to create the financial stability he so desperately craved. After graduating Towson University with a B.S in Accounting and incurring a large amount of debt, Jayden was determined to make a change.With a little hard work, and A LOT of sacrifice, Jayden became independent, gained professional growth as an accountant at a small CPA firm in Atlanta, and became a Certified Public Accountant. Over the next years, he’s worked with clients in just about every industry — helping them not only expand their financial portfolios, but to create plans that ensure financial sustainability and minimize taxability.As a CPA, Jayden’s goal is to help entrepreneurs like himself gain independence and create a unique action plan to bring more to their bottom line while paying less in taxes. Invest in yourself and start working with Jayden TODAY!Jayden’s Website/Links* Website - https://www.prestigeaccountants.com * Facebook - https://www.facebook.com/prestigeaccountingsolutions/ * Instagram - https://www.instagram.com/prestigeaccountants/
LinkedIn - https://www.linkedin.com/in/t-jayden-doye-cpa-68a507191/
This episode is about the essential financial statements you need for your law firm where I unpack the balance sheet, income statement, and cash flow statement. All three statements are critical for assessing the financial position and profitability of a business. The balance sheet shows assets, liabilities, and equity. The income statement shows revenue and expenses, and the cash flow statement shows the increase and decrease in cash. Additionally, proper categorization and bank account reconciliation are key for accurate financial statements and data-driven decisions."To increase your profits, you first have to know where your business stands as far as profitability. And to do so, you'll need to examine your income statement every month."In this episode, you will learn the following:1. What are the core financial statements every law firm owner should view?2. How can you assess your business' profitability?3. What are the key mistakes to avoid when processing bookkeeping for your firm?For more episodes and a free Law Firm Owner Profit Toolkit, go to https://lawandprofit.comAbout JaydenJayden was not always the financial guru that he is today. Growing up in a household just shy of the federal poverty line in Prince George’s County, Maryland, he knew the importance of money management but didn’t have the tools to create the financial stability he so desperately craved. After graduating Towson University with a B.S in Accounting and incurring a large amount of debt, Jayden was determined to make a change.With a little hard work, and A LOT of sacrifice, Jayden became independent, gained professional growth as an accountant at a small CPA firm in Atlanta, and became a Certified Public Accountant. Over the next years, he’s worked with clients in just about every industry — helping them not only expand their financial portfolios, but to create plans that ensure financial sustainability and minimize taxability.As a CPA, Jayden’s goal is to help entrepreneurs like himself gain independence and create a unique action plan to bring more to their bottom line while paying less in taxes. Invest in yourself and start working with Jayden TODAY!Jayden’s Website/Links* Website - https://www.prestigeaccountants.com * Facebook - https://www.facebook.com/prestigeaccountingsolutions/ * Instagram - https://www.instagram.com/prestigeaccountants/ * LinkedIn - https://www.linkedin.com/in/t-jayden-doye-cpa-68a507191/
This episode is about comparing time & money to help you decide if you should switch software. I will talk about how to determine if it is time to switch software by comparing the savings from labor expenses to the cost of the software. Additionally, you will learn that the implementation cost of the software should be taken into account and that change management could take a while. Lastly, you’ll learn that the benefit of switching software could be much higher than the cost and that it could lead to an increase in caseload."Truly and honestly, the benefit is actually much higher than the $4,000 that we found indirect direct benefit just from time savings."In this episode, you will learn the following:1. How do you know when it's time to switch software?2. What are the costs and benefits of switching software?3. How can streamlining software save you money and time?For more episodes and a free Law Firm Owner Profit Toolkit, go to https://lawandprofit.comFor more episodes and a free Law Firm Owner Profit Toolkit, sign up below.About JaydenJayden was not always the financial guru that he is today. Growing up in a household just shy of the federal poverty line in Prince George’s County, Maryland, he knew the importance of money management but didn’t have the tools to create the financial stability he so desperately craved. After graduating Towson University with a B.S in Accounting and incurring a large amount of debt, Jayden was determined to make a change.With a little hard work, and A LOT of sacrifice, Jayden became independent, gained professional growth as an accountant at a small CPA firm in Atlanta, and became a Certified Public Accountant. Over the next years, he’s worked with clients in just about every industry — helping them not only expand their financial portfolios, but to create plans that ensure financial sustainability and minimize taxability.As a CPA, Jayden’s goal is to help entrepreneurs like himself gain independence and create a unique action plan to bring more to their bottom line while paying less in taxes. Invest in yourself and start working with Jayden TODAY!Jayden’s Website/Links* Website - https://www.prestigeaccountants.com * Facebook - https://www.facebook.com/prestigeaccountingsolutions/ * Instagram - https://www.instagram.com/prestigeaccountants/ * LinkedIn - https://www.linkedin.com/in/t-jayden-doye-cpa-68a507191/
A determined rainmaker must overcome the challenges of legal automation to reduce labor costs, improve client experience, and scale their firm to multimillion-dollar success.This episode is about the Benefits of automation. I explain how automation can free up time, reduce duplication, provide a better client experience, improve access to data, and help you scale your firm. Additionally, I discussed the advantages of using an all-in-one software such as CosmoLex. Advantages include a built-in accounting suite, free unlimited training and customer support, online payments, cloud access, check printing, and parameters that prevent going negative in the Iota account. The cons of this software include no integrated payroll system, a tiered pricing system, and multiple line data entry."If you want to truly make it rain and be the rainmaker in your firm, then you have to use automation to free up some of your time to do that."In this episode, you will learn the following:1. Discover the Benefits of Legal Automation and How it Can Free Up Your Time and Help Your Firm Grow and Scale.2. Explore a Cloud Based All-in-One Accounting and Legal Practice Management Solution to Help Keep Track of Client Funds.3. Learn About the Pros and Cons of Using This Software and How it Can Improve Your Client Experience.For more episodes and a free Law Firm Owner Profit Toolkit, go to https://lawandprofit.comFor more episodes and a free Law Firm Owner Profit Toolkit, sign up below.About JaydenJayden was not always the financial guru that he is today. Growing up in a household just shy of the federal poverty line in Prince George’s County, Maryland, he knew the importance of money management but didn’t have the tools to create the financial stability he so desperately craved. After graduating Towson University with a B.S in Accounting and incurring a large amount of debt, Jayden was determined to make a change.With a little hard work, and A LOT of sacrifice, Jayden became independent, gained professional growth as an accountant at a small CPA firm in Atlanta, and became a Certified Public Accountant. Over the next years, he’s worked with clients in just about every industry — helping them not only expand their financial portfolios, but to create plans that ensure financial sustainability and minimize taxability.As a CPA, Jayden’s goal is to help entrepreneurs like himself gain independence and create a unique action plan to bring more to their bottom line while paying less in taxes. Invest in yourself and start working with Jayden TODAY!Jayden’s Website/Links* Website - https://www.prestigeaccountants.com * Facebook - https://www.facebook.com/prestigeaccountingsolutions/ * Instagram - https://www.instagram.com/prestigeaccountants/ * LinkedIn - https://www.linkedin.com/in/t-jayden-doye-cpa-68a507191/
Discover the secrets to mastering time management, organization, and prioritization for a successful and stress-free life!This episode is about Time Management, Organization, and Prioritization. Effective time management is key for business success and entrepreneurs must be purposeful when it comes to how they spend their time. This episode provides tips for organizing time, such as time blocking, making lists and prioritizing them, setting up a calendar system, limiting distractions, getting organized, creating shortcuts, relying on reminders and alerts, being early to events, delegating tasks, not over committing, and making time for self-care."You are not normal. No entrepreneur is normal. The fact that you decided to start your own business proves that you think differently than other people."In this episode, you will learn the following:1. How to customize your law firm and use time blocking to increase productivity.2. Strategies for creating effective lists and eliminating distractions.3. Tips for organizing your office and incorporating self-care into your schedule.For more episodes and a free Law Firm Owner Profit Toolkit, go to https://lawandprofit.comFor more episodes and a free Law Firm Owner Profit Toolkit, sign up below.About JaydenJayden was not always the financial guru that he is today. Growing up in a household just shy of the federal poverty line in Prince George’s County, Maryland, he knew the importance of money management but didn’t have the tools to create the financial stability he so desperately craved. After graduating Towson University with a B.S in Accounting and incurring a large amount of debt, Jayden was determined to make a change.With a little hard work, and A LOT of sacrifice, Jayden became independent, gained professional growth as an accountant at a small CPA firm in Atlanta, and became a Certified Public Accountant. Over the next years, he’s worked with clients in just about every industry — helping them not only expand their financial portfolios, but to create plans that ensure financial sustainability and minimize taxability.As a CPA, Jayden’s goal is to help entrepreneurs like himself gain independence and create a unique action plan to bring more to their bottom line while paying less in taxes. Invest in yourself and start working with Jayden TODAY!Jayden’s Website/Links* Website - https://www.prestigeaccountants.com * Facebook - https://www.facebook.com/prestigeaccountingsolutions/ * Instagram - https://www.instagram.com/prestigeaccountants/ * LinkedIn - https://www.linkedin.com/in/t-jayden-doye-cpa-68a507191/
In a race against time, a “Chief Everything Officer” must delegate, create Standard Operating Procedures, and manage human capital in order to scale their law firm and protect against costly mistakes.This episode is about the power of Standard Operating Procedures (SOPs). I learned that having SOPs in place is essential for law firms, as they can help reduce risk and increase productivity. SOPs should be established for client onboarding, retainer acceptance, invoicing, progress billing, monthly reports, closing a file, security, and virtual work. Each of these processes should be clearly documented and followed to ensure the best results for the firm."If you want your firm to grow and scale, then you will have to delegate. You cannot do everything and expect your firm to grow rapidly because your time is pretty limited."In this episode, you will learn the following:1. How can an organizational chart help manage and plan organizational resources?2. What are the seven standard operating procedures (SOPs) every law firm should have documented?3. How can law firms create virtual work procedures to protect against cyberattacks?For more episodes and a free Law Firm Owner Profit Toolkit, go to https://lawandprofit.comFor more episodes and a free Law Firm Owner Profit Toolkit, sign up below.About JaydenJayden was not always the financial guru that he is today. Growing up in a household just shy of the federal poverty line in Prince George’s County, Maryland, he knew the importance of money management but didn’t have the tools to create the financial stability he so desperately craved. After graduating Towson University with a B.S in Accounting and incurring a large amount of debt, Jayden was determined to make a change.With a little hard work, and A LOT of sacrifice, Jayden became independent, gained professional growth as an accountant at a small CPA firm in Atlanta, and became a Certified Public Accountant. Over the next years, he’s worked with clients in just about every industry — helping them not only expand their financial portfolios, but to create plans that ensure financial sustainability and minimize taxability.As a CPA, Jayden’s goal is to help entrepreneurs like himself gain independence and create a unique action plan to bring more to their bottom line while paying less in taxes. Invest in yourself and start working with Jayden TODAY!Jayden’s Website/Links* Website - https://www.prestigeaccountants.com * Facebook - https://www.facebook.com/prestigeaccountingsolutions/ * Instagram - https://www.instagram.com/prestigeaccountants/ * LinkedIn - https://www.linkedin.com/in/t-jayden-doye-cpa-68a507191/
As an attorney, it is very important to plan what entity you are going to be from a tax perspective, and today we're going to talk about the pros and cons of each entity type.Are you considering forming a business entity and unsure of what type to choose? With so many options, it can be overwhelming to decide which type of entity is best for your business. From Sole Proprietorship to Limited Partnership to C Corporations and S Corporations, this article will explore the pros and cons of each type of business entity. From which entity is best for low-risk businesses to which will save you the most money in taxes, this episode will help you decide which type of business entity is best for you. Learn why a General Partnership may not be the best choice for decision-making, why a C Corporation may be beneficial for splitting profits and losses, and why an S Corporation is the favorite of many. With the right information, you can make the best decision for your business.Here's what I cover:1. The different types of business entities, and the pros and cons of each from a tax perspective.2. The taxation of S corporations, and how they compare to other types of business entities.3. The requirements for businesses to report and pay taxes in their home state.For more episodes and a free Law Firm Owner Profit Toolkit, go to https://lawandprofit.comFor more episodes and a free Law Firm Owner Profit Toolkit, sign up below.About JaydenJayden was not always the financial guru that he is today. Growing up in a household just shy of the federal poverty line in Prince George’s County, Maryland, he knew the importance of money management but didn’t have the tools to create the financial stability he so desperately craved. After graduating Towson University with a B.S in Accounting and incurring a large amount of debt, Jayden was determined to make a change.With a little hard work, and A LOT of sacrifice, Jayden became independent, gained professional growth as an accountant at a small CPA firm in Atlanta, and became a Certified Public Accountant. Over the next years, he’s worked with clients in just about every industry — helping them not only expand their financial portfolios, but to create plans that ensure financial sustainability and minimize taxability.As a CPA, Jayden’s goal is to help entrepreneurs like himself gain independence and create a unique action plan to bring more to their bottom line while paying less in taxes. Invest in yourself and start working with Jayden TODAY!Jayden’s Website/Links* Website - https://www.prestigeaccountants.com * Facebook - https://www.facebook.com/prestigeaccountingsolutions/ * Instagram - https://www.instagram.com/prestigeaccountants/ * LinkedIn - https://www.linkedin.com/in/t-jayden-doye-cpa-68a507191/
This episode is about Tax deductions for businesses. I cover different deductions that firm owners should be aware of such as meals, home office, professional fees, furniture, computers, other equipment, the Augusta Rule, and vacation deductions. Furniture, computers, and other equipment are considered fixed assets, so they must be depreciated and not fully expensed in the year of purchase. I also briefly cover the Augusta Rule and how it lets homeowners rent their home for up to 14 days without needing to report the rental income on their individual return. Finally, I describe how to turn a vacation into a tax deduction and how to hire children in accordance with the law. I also mentioned that time tracking everyone in the firm is recommended."Believe it or not, in the event of an audit, the bank statements will not suffice for backup. They will also require receipts - so I recommend all business owners save an electronic copy of all their receipts in their internal files."In this episode, you will learn the following:1. Did you know that you can turn a vacation into a tax deduction?2. Have you heard of the Augusta Rule, which allows homeowners to rent their home without needing to report the rental income?3. Did you know that you can hire your kids to work for your business, but it requires intricate planning to make it work?For more episodes and a free Law Firm Owner Profit Toolkit, go to https://lawandprofit.comFor more episodes and a free Law Firm Owner Profit Toolkit, sign up below.About JaydenJayden was not always the financial guru that he is today. Growing up in a household just shy of the federal poverty line in Prince George’s County, Maryland, he knew the importance of money management but didn’t have the tools to create the financial stability he so desperately craved. After graduating Towson University with a B.S in Accounting and incurring a large amount of debt, Jayden was determined to make a change.With a little hard work, and A LOT of sacrifice, Jayden became independent, gained professional growth as an accountant at a small CPA firm in Atlanta, and became a Certified Public Accountant. Over the next years, he’s worked with clients in just about every industry — helping them not only expand their financial portfolios, but to create plans that ensure financial sustainability and minimize taxability.As a CPA, Jayden’s goal is to help entrepreneurs like himself gain independence and create a unique action plan to bring more to their bottom line while paying less in taxes. Invest in yourself and start working with Jayden TODAY!Jayden’s Website/Links* Website - https://www.prestigeaccountants.com * Facebook - https://www.facebook.com/prestigeaccountingsolutions/ * Instagram - https://www.instagram.com/prestigeaccountants/ * LinkedIn - https://www.linkedin.com/in/t-jayden-doye-cpa-68a507191/
In this episode of the podcast, we discuss various tax deductions that law firm owners should be aware of, including strategies like hiring family members and deferring income, to help lower your tax liability.
In this episode, you will learn the following: 1. Hiring family members to help with the law firm can be a way to legally shift some taxable income to a lower bracket. 2. Deferred income, such as from an attorney fee, can be paid in a future year or period, which defers the tax liability. 3. Meeting with a financial adviser and CPA can help to plan for the long-term goal of the law firm owner having the most amount of money.
For more episodes and a free Law Firm Owner Profit Toolkit, go to https://lawandprofit.com
The tax planning process is essential for ensuring that business owners are in the right tax entity. However, many people avoid working with a CPA who specializes in tax planning, which can lead to them not getting the correct advice. This can result in them overpaying taxes, as was the case with one of my clients. By electing that this client be taxed as an S corporation instead of a sole proprietorship, we were able to save them over $47,000 in taxes. Ensuring that business owners are in the right tax entity and that the election with the IRS is filed timely is a common service that tax planners offer their clients. This episode will outline some other common mistakes that taxpayers make when filing their own taxes.
Here are just some of the things I cover: Ensuring that the business owner is in the right tax entity Filing the correct election with the IRS Reporting all income correctly
For more episodes and a free Law Firm Owner Profit Toolkit, go to https://lawandprofit.com
Do you know the difference between tax planning and tax preparation? If you're like most people, you probably think they're the same thing. But in reality, they're very different. And when you combine the two, that's how you can maximize your personal and business income investments even after you pay your taxes. So, what is tax planning? Tax planning is creating a strategy to minimize your tax liability. Legally, we execute strategies and minimize your tax burden. And this is actually a year-round process. It's not something you do right before your tax return is due.
When you work with a tax planner, they consider current laws, new laws and regulations, and your current situation. The aim is to prepare you for the lowest tax liability possible, while still keeping you within the current tax regulations. For business owners, tax planning is especially important. We have to not only look at where you are today, but where you will be in five years. That's because oftentimes, when you elect to be in a certain entity type with the IRS, you can't switch out of it for 60 months.
So, what are some benefits of tax planning and tax preparation? Listen in to find out!
Here are some steps you need to follow to lower your tax liability, save, and save time: 1. Tax planning is creating a strategy to minimize your tax liability. 2. Tax preparation is preparing your tax return for filing by the tax deadline. 3. Filing your tax return and ensuring adherence to federal and state law.
For more episodes and a free Law Firm Owner Profit Toolkit, go to https://lawandprofit.com
"The more that you actually say it, the more you are telling the universe and the powers that be around you that this is what you want. And that is what you will attract."
Today we’re talking about how to properly plan your exit from your current job or firm. If you want to make a successful transition, you should follow these eight steps. The first step is to figure out your vision. You should spend some time thinking about what you want your life to look like in ten years and set a deadline. What kind of lifestyle do you want? Where do you want to live? Do you want to be married? Do you want to have kids?
Once you have a clear vision, you can start setting specific goals for five years and one year from now. If you're looking to transition into a new area of law, or exit, follow the eight-step "Profit Framework" detailed in this episode. With proper planning, you can make a smooth transition. By following these steps, you'll be on your way to achieving your goals.
For more on this topic and perspective, check out this episode 8 Steps to Planning Your Exit on my podcast Law and Quarter.
In this episode, you will learn the following: 1. What are the eight steps to properly transition into a new area of law or to exit entirely? 2. How can you create a savings plan that will allow you to live off of that money for six months without any income? 3. What are some of the things that you need to do in order to start building your business?
For more episodes and a free Law Firm Owner Profit Toolkit, go to https://lawandprofit.com
"My method is a holistic method that actually addresses all of these topics and will do so from a numbers perspective."
I'm a law firm owner, and I know that I need to delegate, but I don't always know what to delegate or to whom. I've been working with a CPA who specializes in law firms, and he's helped me understand where I can cut costs and become more profitable. I've also been using technology to streamline my process and handle more clients. This has been a huge help!
In this episode, you will learn the following: 1. How to delegate work in a law firm 2. How to hire effectively for a law firm 3. The importance of working with a CPA for a law firm
For more episodes and a free Law Firm Owner Profit Toolkit, go to https://lawandprofit.com
I'm Jayden Doye and I'm delighted that you've joined me for the Law & Quarter Podcast. I'm known as the Traveling CPA, and I've dedicated my professional life to helping law firm owners reach new heights and catch more flights. I believe that you don't have to be tied to a desk seven days a week to have a profitable firm. That's why I'm here bringing ideas and information that can help you create a first-class firm that pays you the salary you deserve and provides you with the lifestyle you desire.
More info and free resources: https://lawandquarter.com