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| tax question http://www.hawthornevillager.com/phpbb/viewtopic.php?f=3&t=24824 |
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| Author: | nakerville83 [ Sat Mar 13, 2010 3:11 pm ] |
| Post subject: | tax question |
Can expenses related to self employment income reduce taxes payable on income from a T4 on a personal tax return? Or does it only reduce taxes payable on the self employment income? Not sure if it makes sense but any help will be appreciated! |
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| Author: | Mbroker [ Mon Mar 15, 2010 11:39 am ] |
| Post subject: | |
You can write off business related expenses of your earned income except for home expenses, e.g., home office, mortgage interest itc, these are deducted from you self employed income and create a loss. Other expenses like cell phone usage, internet, gas, insurance etc… related to the nature of your business can be deducted but you have to indicate the percentage that you are using towards the business. Said that it is not my area of expertise so contact self employed tax planning professional. I would suggest calling 905 876 5581, ask these questions to avoid mistakes. |
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