The high-stakes world of Big Law demands meticulous financial planning, and nowhere is this more critical than in tax optimization. For high-earning attorneys, the decision of whether to itemize deductions or utilize the standard deduction presents a complex calculation balancing tax savings against potential opportunity costs. This guide navigates the intricacies of this decision, providing a clear understanding of the relevant tax implications, financial considerations, and ethical responsibilities involved. We will explore the interplay between tax brackets, various deductions (including home office and business expenses), and the potential benefits of itemizing in specific circumstances. Beyond simple tax savings, we’ll […]