A timely subject for sure.Â Here’s a summary of the tax writeoffs for the self-employed!
Of course one of the best tax writeoffs of all can be simplyÂ incorporating your business as a corporation or LLC.Â This may allow you to deduct many things that a simple DBA or Sole-Proprietorship may not with the added bonus of liability protection.
This entry was posted on Thursday, March 9th, 2006 at 4:33 pm and is filed under QuickBooks & Accounting, Small Biz Management. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.
2 responses on “Tax Writeoffs for the Self-Employed”
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.
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.