We understand the unique challenges facing solo practitioners, from home office deductions to professional liability insurance, ensuring every legitimate business expense reduces your tax burden.
Our expertise in CRA small business rules helps qualifying law firms access the reduced 11% federal tax rate on active business income up to the annual limit.
Our team structures your tax strategy around the irregular income patterns common in small legal practices, optimizing timing for maximum cash flow benefits.
By planning services with your firm's expansion goals, we ensure your tax decisions support rather than hinder your practice development objectives.
We prepare your T2 corporate returns or T1 business schedules with all required forms, ensuring accurate filing and compliance with federal and provincial tax authorities while capturing every available small business deduction.
Our team analyzes your law firm's income structure to maximize eligibility for reduced small business tax rates, carefully managing active versus passive income calculations to preserve preferential tax treatment.
Accounting4Lawyers calculates and documents proper home office expense deductions for lawyers operating from residential spaces, ensuring full CRA compliance while maximizing workspace-in-home claims.
By calculating your required quarterly tax payments and coordinating timing with your practice revenue cycles, we prevent CRA penalties while preserving working capital for operations.
Our specialists optimize the tax treatment of law firm equipment purchases through strategic depreciation schedules and immediate expense elections for computers, software, and office assets.
We structure your continuing education expenses, bar association fees, and professional conference costs to maximize immediate tax deductions while supporting your practice development goals.
When your firm's income surpasses the $500,000 federal threshold, we implement tax planning strategies to manage the transition to general corporate rates while preserving maximum benefits.
Yes, business vehicle use for client meetings, court appearances, and professional activities qualifies for a deduction. We track and document these expenses to maximize your claims while meeting CRA requirements.
We maintain comprehensive client files for seven years as required by CRA regulations, ensuring all supporting documentation remains readily available for any future inquiries.
Partnership structures require specialized tax treatment, including partner income allocation and different filing requirements. Our team handles both partnership and corporate structures based on your firm's legal organization.
Employing your spouse can provide tax benefits when the work is legitimate and the compensation is reasonable. We structure these arrangements to satisfy CRA requirements while optimizing your family's total tax situation.
