A timely subject for sure. Here’s a summary of the tax writeoffs for the self-employed!
Of course one of the best tax writeoffs of all can be simply incorporating your business as a corporation or LLC. This may allow you to deduct many things that a simple DBA or Sole-Proprietorship may not with the added bonus of liability protection.
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Hi. We own & operate a small ladies clothing shop. Last season we over purchased inventory. If we donate $30000.Cnd to a womans shelter can we use the entire donation in this tax year? Please note that our company is incorperated.
Thank you.
Kent
Hi Kent,
I’m not sure about Canadian law, but US Law offers a deduction for charitable giving but I believe there is a limit. Also, many US businesses simply take a loss and that helps lower their tax bill. Best advised to get an hour or so of advice from a CPA or Tax Attorney.