Resources - AZ Accounting Firm
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Resources

16 Nov Be Honest With Yourself

You aren’t a bookkeeper.  You don’t want to be a bookkeeper.  You never thought you’d be spending your evenings or weekends trying to figure out if an item is HST exempt or looking for lost receipts.  But here you are.  It’s November 2021 and you...

Bookkeeping for Lawyers

09 Aug Bookkeeping for Lawyers and Law Firms

AZ Accounting Firm provides the bookkeeping services required of lawyers and their obligations regarding their General Accounts and Trust Accounts.The General Account is the firm’s operating account, and include the following:-Deposit payments from clients that have been billed for completed legal services-Pay the firm’s expenses,...

14 Jul Bookkeeping for Real Estate Agents

Having the right bookkeeping system is key to your success as a Real Estate agent.It allows you to assess the value of your business, offers insight to your business strengths and weaknesses, manage cash flow and prepares you for your annual tax return.What does a...

07 Jul Late filing your tax returns?

Personal Income TaxYour Personal income tax return for 2020 has to be filed on or before April 30, 2021, meaning if you haven’t filed yet, your return is late. This doesn’t mean you should further delay as filing late may mean being charged interest and...

AZ Accounting Save Tax

17 Jun Pros and Cons of a PREC

PRO:    Once you incorporate, your brokerage will pay your commissions to your corporation and not to you personally as a Sole Proprietor.  Your business profits are taxed at a corporate rate of 12.2% rather than a higher personal tax rate.PRO:    A PREC will allow you...

14 Jun Professional Real Estate Corporation

INCORPORATE A PERSONAL REAL ESTATE CORPORATION (PREC)What is a PREC?With the passing of Bill 145 in Ontario, real estate professionals are now able to incorporate by setting up a “Personal Real Estate Corporation” or PREC.  This means real estate agents will be able to reduce...