Are You Ready for 2026? | The Deduction #029

Q4 2025 is about to begin. Are you ready for 2026? Do you even know how 2025 is going? If you don’t have clean books, the answer to both of those questions is no. You’ve been waiting long enough to

Attention Law Firm S-Corp Owners! | The Deduction #028

Happy Sunday! This week’s newsletter is for all you law firm s-corp owners – tomorrow is the filing deadline for your business tax return (if you extended). You won’t have to pay any tax tomorrow (that comes on Oct. 15)

3 Easy to Implement End of Year Tax Strategies… | The Deduction #027

It’s September! That means the 4th quarter is imminently upon us. It’s time to start thinking about implementing end-of-year tax strategies to save some $$$. Here are 3 that are easy to implement (and don’t require you to outlay a

Small Business Bookkeeping and Tax Blog

Small business bookkeeping info you'll actually understand.

How to Fix an Unreconciled Trust Account | The Deduction #063

By: Christopher Small | August 2, 2026 | newsletters

I have been talking to a lot of law firm owners recently that have MAJOR problems with their trust account. For many, it’s a situation where they are doing the right thing generally, meaning they aren’t stealing or anything like

The Goal Isn’t Zero Taxes… | The Deduction #063

By: Christopher Small | July 26, 2026 | newsletters

Happy Sunday! I think pretty much every lawyer, and for sure, law firm owner, has heard that quote from the famed jurist Learned Hand that goes something like: Anyone may arrange his affairs so that his taxes shall be as

How I Stop Procrastinating (a story) | The Deduction #062

By: Christopher Small | July 12, 2026 | newsletters

Happy Sunday from sunny and rainy Austin, Texas! We had a great mastermind meeting this week and talked about everything from AI (in fact everyone built at least one agent on-site) to accounting and taxes, to therapy (there’s nothing off

How to Write Off a Trip to Austin, TX Next weekend | The Deduction #061

By: Christopher Small | July 5, 2026 | newsletters

Happy Sunday! And, happy birthday USA! Hopefully you had a great time eating hotdogs, enjoying some sunshine, and celebrating the best country on the planet this weekend. Today, though, I wanted to talk to you about how to have a

Father’s Day Thoughts… | The Deduction #060

By: Christopher Small | June 21, 2026 | newsletters

Happy Sunday! And, if you’re a dad, Happy Father’s Day! I grew up with two dads. My biological dad, and my step-dad. Both were in my life, but in very different ways. And both shaped me for the better I’d

Ghost Balances on IOLTA Accounts | The Deduction #059

By: Christopher Small | June 14, 2026 | newsletters

Today I thought it would be fun to talk about ghost balances on your IOLTA account. Never heard of a ghost balance? Don’t worry, by the time we’re done you’ll know what it is and how to fix it if

You’ve been selected for a trust account audit… | The Deduction #058

By: Christopher Small | June 7, 2026 | newsletters

What happens when you’re 6 months behind on IOLTA reconciliation… There are only a few ways to lose your license without meaning to. Messing up your trust account is one of them. Today’s confession is about a firm that was

Trust Account Reconciliation Demystified… | The Deduction #057

By: Christopher Small | May 17, 2026 | newsletters

It’s been a while since we broke down how trust account reconciliation works, so I thought I’d take a few minutes and give you the quick and dirty. And, it goes without saying that this is important, as one of

The Biggest Threat to Your Law Firm Profitability | The Deduction #056

By: Christopher Small | May 10, 2026 | newsletters

Happy Sunday. Because we serve law firm owners almost exclusively I get to see A LOT of law firm P&Ls. And there is consistently one line item that affects profitability. Not rent. Not ads. Not software. The biggest line item

I Had to Fire One of My Attorneys This Week… | The Deduction #055

By: Christopher Small | May 3, 2026 | newsletters

Happy Sunday. At my law firm we have an all hands meeting every week. At that meeting we talk about core values. Every. Single. Week. Those core values are (and they are the same for Big Bird Accounting as we’re