Tax Tip#5 Self Employment Deductions
5. Failure to take full advantage of self-employed deductions. As Mr. Mahon discovered, many self-employed individuals fail to take full advantage of the savings available to them.
But, warns Robert Snowdon, an Ottawa-based chartered accountant, claiming too high a proportion of expenses, particularly in areas related to automobiles or entertainment, might also serve as a red flag to the Canada Customs and Revenue Agency (CCRA), prompting an audit. As a result, all entrepreneurs should maintain detailed logs to back up their expenses, he suggests.
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About
John McCormack CGA CFP
taxes *returns *corporate
John McCormack CGA CFP earned his Bachelor of Administrative Studies degree at York University in 1991. He received the Certified General Accountant (CGA) designation in 1999 and the Certified Financial Planner (CFP) designation in 2001.
John has almost 20 years experience in the accounting and tax field. He has been self employed full-time in public practice since 1999.
Mississauga Accountant
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All entrepreneurs should be well aware of their expenses and every single detail concerning their businesses. Thanks for sharing this. This site might also be helpful.