A new year brings fresh opportunities—personally, professionally, and financially. For self-employed lawyers and law firm partners, it’s also the perfect time to take control of your taxes. Let’s face it: taxes for self-employed professionals can feel like an uphill climb, and waiting until the last minute only makes it harder. 

But here’s the good news: a proactive approach—starting now—can make 2025 your smoothest tax season yet. Think of this as your financial "reset button." By building smart habits today, you can reduce stress, save money, and make tax season a breeze. 

Here’s what to do differently this year to set yourself up for success. 

1. Track Your Income and Expenses in Real Time 

Scrambling through spreadsheets and hunting for receipts in April isn’t fun—and it’s a recipe for missed deductions. This year, commit to tracking your income and expenses as you go. 

Here’s how to do it differently: 

• Use a bookkeeping tool like QuickBooks, FreshBooks, or a simple spreadsheet to log income and expenses monthly. 

• Digitize receipts immediately with apps like Expensify or Dext, so nothing gets lost in the shuffle. 

• Review your books quarterly to catch any errors or forgotten deductions before they snowball. 

By staying on top of your finances, you’ll not only reduce tax-season headaches but also gain a clearer view of your business’s health. 

2. Plan for Quarterly Taxes (and Avoid Penalties) 

If you’re self-employed, paying quarterly estimated taxes is part of the deal. But many lawyers either underpay and get hit with penalties or overpay and leave money on the table. This year, let’s get it right. 

What to do differently: 

• Use your previous year’s income as a starting point for 2025 estimates. Adjust as needed if you expect changes. 

• Set aside a percentage of every payment you receive in a dedicated tax savings account. Automating this makes it painless. 

• Work with your CPA or financial planner mid-year to adjust your estimates based on actual income. 

Staying ahead of quarterly taxes ensures you won’t be caught off guard—and makes tax season much smoother. 

3. Maximize Retirement Contributions Early 

Contributing to retirement accounts isn’t just about saving for the future—it’s one of the most powerful ways to reduce your taxable income today. Yet many self-employed professionals wait until year-end to think about it. This year, start contributing early and often. 

Key options for self-employed lawyers: 

• Solo 401(k): Contribute up to $66,000 for 2024 ($73,500 if you’re 50+), depending on income. 

• SEP IRA: Save up to 25% of net earnings, up to $66,000. 

• Traditional or Roth IRA: Contribute $7,000 if you’re under 50 ($8,000 if you’re 50+). 

By spreading contributions throughout the year, you ease the cash flow burden and stay ahead of deadlines. Plus, you’ll maximize the growth potential of your savings. 

4. Document Home Office and Business Expenses Properly 

Home office deductions and business expenses can lead to significant tax savings, but they’re often underused—or incorrectly applied. Let’s tighten this up for 2025. 

How to get it right: 

• Deduct a portion of your rent or mortgage, utilities, and internet if you have a dedicated home office. 

• Track business-related expenses like client meals, legal research tools, travel, or office supplies. 

• Keep detailed records: who, what, when, and why. Documentation is key if the IRS comes knocking. 

When you’re diligent about tracking expenses, you’ll capture every deduction you deserve. 

5. Start Charitable Giving Strategies Early 

If charitable giving is part of your financial plan, you don’t need to wait until December to make it happen. Incorporating a giving strategy throughout the year can help you plan smarter and maximize tax benefits. 

Ways to do it differently in 2025: 

• Donate appreciated stocks instead of cash to avoid capital gains taxes while still claiming the deduction. 

• Use a Donor-Advised Fund (DAF) to “bunch” multiple years’ worth of donations into one year. This helps you cross the itemized deduction threshold and gives you flexibility on when to give. 

• Document your donations as you go—no more scrambling for receipts in December. 

Giving back feels even better when it’s part of a tax-smart strategy. 

6. Make Financial Check-Ins Part of Your Routine 

Let’s be honest—most people only think about taxes once a year. But as a self-employed lawyer, your financial world is constantly in motion. This year, commit to regular check-ins with your finances. 

What to do differently: 

• Review income, expenses, and tax payments every quarter. 

• Schedule a mid-year meeting with your financial planner or CPA to adjust strategies as needed. 

• Use this time to plan for big decisions, like new hires, business investments, or adjusting retirement contributions. 

Think of this like reviewing case progress with a client: proactive updates lead to better outcomes. 

Let’s Make 2025 Tax Season Easier—Starting Now 

Taxes don’t have to be a scramble or a source of stress. By starting now—tracking income, planning for quarterly payments, maximizing deductions, and contributing to retirement—you’re not just making tax season easier, you’re taking control of your financial future. 

If you’re a self-employed lawyer or law partner and want to start the year with a clear tax strategy, let’s connect. At Hark Financial Planning, I work with professionals like you to simplify complex finances, optimize tax strategies, and keep more of your hard-earned money where it belongs—working for you. 

Start your 2025 tax prep today, and let’s make this your smoothest tax year yet.