10 Tax Tips

Accountant Mississauga

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.

Advertisements

April 7, 2009 - Posted by | Accountant Mississauga |

1 Comment »

  1. 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.

    Comment by mel0818 | May 28, 2009 | Reply


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: