In this episode, Alay and Jayden discuss:

  • The number one mistake law firms make with regard to taxes.
  • How often your CPA should be meeting with you while your firm is growing
  • Reasonable compensation and how it varies from types of entities.
  • Leading and growing your team as a professional service provider.

 

Key Takeaways:

  • True tax planning accounts for the owner’s desires to understand the profit, not just the tax liabilities.
  • Buying your office space may reduce your tax obligation, though it will vary from firm to firm.
  • Low-cost employee benefits help you to stand out from the competition, and also reduce your taxes.
  • As a leader, you need to invest time in making sure you are the best leader you can be.

 

Tweetable Moments:

“Tax planning is a year-round process. True tax planning is relational.” —  Jayden Doye

“I’ve had to really, really, really get deep into my project management system, and set budgets for the different aspects of every matter.” —  Jayden Doye

“Investing your efforts into becoming a better leader s going to result directly in higher profits for your firm because you’re going to retain your team longer, attract people easier, and they’re going to be more productive.” —  Alay Yajnik

“You need to understand how profitable you are on every matter, on every project that you’re working on.” —  Alay Yajnik

 

 

About Jayden Doye:

During the first two years of building his own CPA firm, Prestige Accounting Solutions, Jayden discovered his niche-law firm owners. He realized that many sought after the lifestyle he lives which includes living debt free, a monthly mandatory vacation & delegate/elevating a team to operate a profitable business that does not require the owner’s full attention. During his second year of business, Jayden became a Certified Profit First Professional & now he teaches the Profit First method to professional service providers which guarantees that their business generate profits.

 

As a CPA, Jayden’s goal is to help entrepreneurs like himself, gain independence, eliminate debt, and create a unique action plan to bring more to their bottom line while paying less in taxes.

 

 

 

Connect with Jayden Doye:

Website: https://accounting-atlanta.com/

Text: Text “CPA” to 21000 to get Jayden’s digital business card!

Facebook: https://www.facebook.com/prestigeaccountingsolutions/

Twitter: https://twitter.com/TheGreatJayden

LinkedIn: https://www.linkedin.com/in/t-jayden-doye-cpa-68a507191/

Instagram: https://www.instagram.com/prestigeaccountants/

 

 

Connect with Alay Yajnik:

Website: LawyerBusinessAdvantage.com

Staffing Up: The Attorney’s Guide to Hiring Top Talent

One Page Strategic Plan: LawFirmSuccessGroup.com

Email: Alay@YajnikGroup.com

LinkedIn: linkedin.com/in/alayyajnik

 

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