What tax deductions can my law firm claim?

CosmoLex Team

To reduce their tax liability, law firms should seek deductions where possible. Business tax is determined based on the profits of a company, with the actual tax rate determined by the entity type. While there are additional considerations for lawyers as to what can be deducted depending on their entity structure (sole proprietorship, partnership, limited liability company or s-corporation), law … Read More

What is my law firm's tax liability?

CosmoLex Team

Tax liability occurs because of a taxable event, which is frequently is fiscal year-end financial taxes. However, there are other scenarios in which law firms can incur tax liability, including royalty income, stock or asset sales or business mergers that cause profits. In legal terms, tax liability means the government has a client on assets, which are typically those in … Read More