Do other partners also receive a K-1 instead of a W-2? I recently started a new position as of counsel and will be receiving a K-1 for the first time. I’m still getting familiar with the tax implications of this structure, particularly what qualifies as a deductible business expense.

As an attorney, what types of expenses can I reasonably claim to help reduce my tax liability?

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Very odd to me that you are K1 if not a partner or shareholder. Unless your firm gives equity to counsels?

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Agree. Only equity partners are K-1 at my firm, not Of Counsel or NEPs.

If you’re a K-1, then business expenses are claimed at the company/partnership level. You do get some recognition for health insurance expenses at the individual level. Talk to your managing partner and your CPA for a better idea of what else you can expect

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