Description

In this episode, Steve Fretzin and Adam Williams discuss:

• Planning taxes proactively
• Exploring creative tax strategies
• Building a professional team
• Implementing actionable year-end steps

Key Takeaways:

• Most law firms wait until filing to address taxes, missing savings opportunities. Working with a tax strategist year-round aligns decisions with long-term goals. Proactive planning uncovers ways to reduce liabilities and strengthen financial outcomes.
• Techniques like the Augusta rule, hiring family members, and royalty setups save money. Advanced structures such as captive insurance can provide additional tax benefits. Knowing these options allows law firms to tailor strategies to their unique situation.
• Successful tax and business strategies require bookkeepers, advisors, and strategists. Delegating responsibilities reduces personal burden while improving firm performance. A strong team empowers owners to focus on growth and long-term success.
• Year-end is ideal for accelerating deductions and making tax-advantaged purchases. Prepaying vendors or investing in marketing can reduce taxable income efficiently. Evaluating current practices ensures every opportunity for savings is captured.

"If they don’t bring you ideas throughout the year, you don’t have a tax strategist. You have a tax preparer." —  Adam Williams

Check out my new show, Be That Lawyer Coaches Corner, and get the strategies I use with my clients to win more business and love your career again.

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About Adam Williams: Adam started this business out of frustration with accountants who congratulated him for having a large tax bill.

As a serial entrepreneur, Adam is inspired by entrepreneurship and small business, direct response marketing, non-traditional and unexpected solutions, mindset & personal development, helping create businesses that serve the owners, and high-performance driving.

Adam received his undergraduate degree in Business from Penn State Behrend and his MBA and J.D. from the University of Pittsburgh. A Cathedral Prep graduate and active member of the community, Adam has served on the Board of Directors for the Erie County Bar Association, Lakeshore Community Services, the Innovation Collaborative, and the Erie Art Museum. He was named to the 2013 Erie Reader 40 Under 40, and has also been listed as a Pennsylvania Super Lawyers Rising Star in 2016, 2017, 2018, and 2019. 

Connect with Adam Williams: 

Website: https://www.pennywise.tax/

Connect with Steve Fretzin:

LinkedIn: Steve Fretzin

Twitter: @stevefretzin

Instagram: @fretzinsteve

Facebook: Fretzin, Inc.

Website: Fretzin.com

Email: Steve@Fretzin.com

Book: Legal Business Development Isn't Rocket Science and more!

YouTube: Steve Fretzin

Call Steve directly at 847-602-6911

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.