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Tax Issues for Legal Businesses
Business Structuring for Legal Businesses
Set up the business as an LLP or Professional Corporation? Corporation structure for a limited partnership: only lawyer can be shareholder – ask us. Set up separate corporations for management of the company, and legal segment of the company. Ask us.
Business Structuring for Legal Businesses
Tax deductible expenses include:
- Home office and office expenses
- Automobile expenses
- Memberships and Professional Fees
- Referral Fees
- Professional Insurance
- Courses – You can include your tuition expense as a tuition credit on your personal tax return (Schedule 11, to be more specific). or you can include your tuition expense as an actual Expense on your personal tax return (T2125) – ask us.
- Software and licences
- Gift and meals to clients
Accounting Issues for Legal Businesses
- Trust account tracking – use proper trust account tracking software.
- Use a Cloud-based Accounting System, ask us about your options.
- Be aware of audits by Law Society.
- Work-In-Progress needs to be reported as income in correct way – ask us
- Salary, dividends or owner drawings? – ask us
Accounting Solutions Across Every Industry Sector
Xero Online Accounting Software
Operate more efficiently and have more time to focus on your business. Find out why over 300,000 people worldwide have moved to Xero’s online accounting solution.
Xero Key Features
- Invoicing Made Easy
Not only can you create professional recurring invoices in Xero, you can also keep track of when they are opened.
- Value For Money
Xero reduces your upfront business costs with free upgrades and access for an unlimited number of users all at an affordable monthly fee.
- At-A-Glance Dashboard
With just one click, you can see your bank balance, invoices, bills and expense claims, without having to log onto various websites.
- Automatic Bank Reconciliation
Xero imports and categorizes you latest bank, PayPal and credit card transactions so reconciliation is just one click away.
Trusted Accountancy For Over Two Decades
Vaughan, Ontario L4J 1G1
I’ve been using Account Plus for a while now and could not be happier. The entire team is very responsive, easy to deal with and extremely detail or... Read MoreI’ve been using Account Plus for a while now and could not be happier. The entire team is very responsive, easy to deal with and extremely detail oriented. I highly recommend Peter and his team for all your accounting needs. Read Less
Great service. We were very happy. Can be done on-line easily. Thanks guys!
Excellent knowledge and advice given by Peter and his staff. Always willing to help with any issues or questions. All the staff we have dealt with are... Read MoreExcellent knowledge and advice given by Peter and his staff. Always willing to help with any issues or questions. All the staff we have dealt with are eager to help and have a super attitude. We would highly recommend Accounting Plus to all our family, friends and clients Read Less
The Accounting Plus is our medical business' financial company which provides us with accounting, financial planning, and tax planning services. The w... Read MoreThe Accounting Plus is our medical business' financial company which provides us with accounting, financial planning, and tax planning services. The workers we have met and worked with are professional and competent. They understand well the goals of our business and assisting us in achieving these goals. Because Accounting Plus is not a huge mega company but rather medium size company, we have a felling of working with people who understand us and our business' needs. I would definitely recommend the Accounting Plus as accounting and financial services for personal and business needs. Read Less
5In our family, every year there is some change in tax preparation needs. Someone gets older, some family member moves out of the country, then comes ... Read MoreIn our family, every year there is some change in tax preparation needs. Someone gets older, some family member moves out of the country, then comes back... Nevertheless, Accounting Plus has been able to respond to these dynamic needs doing an excellent job for many years now. Thank you, Accounting Plus. We are glad you are here to help us. Read Less