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.


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

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