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Money and Finances
Reply to "Yes, tiny violin - did anyone else struggle first years of law partnership?"
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[quote=Anonymous]OP -- isn't there an accountant who specializes in your firm's tax structure? Every firm is different, and they can help you with cash flow. But, by year 2 you should have safe harbor, so you should know what your tax payments are going to be, and the firm *should* give you a schedule of distributions. Your monthly is pretty low, though. Like others, I'm not sure what the *overhead* is. We took a loan for our contribution, which is handled through the firm. While the deferred compensation is a pain, it will be very nice in retirement. I'm a BL spouse, and if your spouse does finances, they should sit in on the financial/tax meetings. I do because DH does not understand/care -- LOL. But, it's important for one of you to know what's going on and be able to project. [/quote]
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