How did you learn the “business” side of opening your own firm? How do you figure out the most basic things such as 1099/paying yourself/taxes/deductions etc? I can figure out the legal side and what software and things to get but no clue where to begin on the business side, including the “copyright” and all the fine print for your website even. Please help!

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I use a bookkeeper and tax professional. They pretty much tell me what records they need and then I pay myself as I'm able. I aim to pay myself 1-2x per month. I also keep 25% of all payments received aside in my account to cover taxes. After taxes are paid, the rest goes to retirement accounts for annual contributions. If you get a good software program for practice management, it will also help keep good records for you and you can export them as you need. I made my website through wix and read a lot about SEOs to keep costs down. Once a year I devote a week to doing all my blogs for the year and scheduling them to automatically post each week. You can also pay someone to make it and do blogging. For employees, bookkeeper may offer payroll services or use an online service like Gusto. Big time savers.

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Don’t overthink. Hire an accountant and just start taking clients.

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If you use Wix they have templates already and you can find some online. In terms of paying yourself, we didn’t start paying ourselves until almost 4 years in, before we would just take draws when needed. I would suggest making estimated tax payments to the IRS that way you don’t have a giant bill during tax season. Your accountant should be able to guide you as well. Also quickbooks self employed option is much cheaper than the full quickbooks. I just woke on it monthly and then at the end of the year send it to my accountant.

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Yes I know. But it’s not a salary per se that’s set up in payroll. You’d obviously pay taxes on any draws and profits of the firm but if the firm isn’t making much money in the beginning no point of setting up a W2 for yourself- at least from my experience.

I was a CPA prior to becoming an attorney. So, the accounting and tax stuff came easy when we started our own firm.

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