Individuals who are self-employed have very different tax situations than those who work as an employee. Individual circumstances can vary greatly and that is why it’s important to work with an accounting firm experienced in assisting with tax issues and returns for the self-employed.
One of the benefits of working for yourself is that you are able to claim related business expenses. The Landa team can assist you in identifying what expenses can be deducted against your self-employed income as well as ensuring they are deducted at the appropriate rates.
Capital expenses are direct business costs which include items such as computers, office furniture or equipment which is for the express purpose of business use. Such expenses may be written off over a period of time through depreciation or capital cost allowance (CCA).Depending on the type of capital expenditure that you are depreciating, there are different rates for CCA as set out by CRA. The Landa team can assist in the calculation of the annual CCA write off.
If you use a portion of your home for your self-employment, you may also be able to deduct a reasonable percentage of your home operational costs. The Landa team can assists in the calculation of the home office expenses including what is (and is not) deductible against self-employed income.
Once we have reviewed and calculated your eligible expenses, we will file your tax self-employed income tax return. We will review your payment options with you and make recommendations based on your unique business and circumstances. We will also make you aware of CRA filing and payment deadlines for self-employed individuals.
If you are self-employed, it makes good business sense to work with a professional business accountant when it comes time to file your tax returns. By trusting your self-employed tax return to professionals like the Landa team, you can rest assured that that your taxes are minimized as much as possible and you are in compliance with CRA regulations which will avoid the potential for costly penalties down the road.
Contact Gary R. Landa, CA Professional Corporation for a free consultation today. We will review your business accounting needs with you as well as outline our services and very competitive rates. Find out why so many self-employed individuals in the Mississauga and GTA put their trust in us at tax time.