#211: Avoid Paying Taxes: Augusta Rule & Cost Segregation Tips | Emil Abedian

How to avoid paying taxes legally becomes achievable when law firm owners implement strategic planning with the right CPA partnership. Emil Abedian, founder of Counsel CPAs and specialized accounting expert for attorneys, reveals the costly mistakes that leave lawyers overpaying hundreds of thousands annually. Most law firms miss critical tax deductions because they work with accountants who only prepare returns once yearly instead of providing year-round advisory services. Emil shares the shocking case of a $3 million law firm that lost $413,000 in overpaid taxes over four years by failing to implement pass-through entity tax elections. Law firm owners gain practical frameworks for cost segregation studies on real estate investments, short-term rental deductions that convert passive losses to active income, and the Augusta Rule strategy for tax-free rental income up to 14 days annually. This episode covers essential tax strategies specifically for attorneys: self-rental deductions for law firm buildings, bonus depreciation opportunities under new legislation, family payroll planning for children, and multi-state income allocation complexities. Emil explains how proper entity selection between S-Corp, LLC, and partnership structures dramatically impacts tax liability for legal practices. Perfect for law firm owners, solo practitioners, and attorneys building scalable businesses who want to keep more of what they earn. Emil demonstrates why working with specialized CPAs for law firms creates strategic partnerships that go beyond basic bookkeeping and payroll services. His book "Counsel to Counsel" provides additional frameworks for converting legal practices into profitable businesses. Listen now to stop leaving tax savings on the table and implement the same strategies successful law firm owners use to legally minimize their tax burden while building wealth through strategic planning.