Legitimate Home Based Businesses

Archive for October, 2008

Question: Need Excel spreadsheet that lists Canadian tax deductions for Home Business?

I rent out one unit of the dwelling plus I am a consultant. I just need a pre exsiting excel spreadsheet that suggests what things I can write off so I can input my receipts

Answer: you're entitled to the same decuctions as any other business.

However I'm guessing you're looking for a deeper discussion including how much of your mortgage interest, utilities, property taxes etc you can write off vis-a-vis your home.

Seeing your update:
you'll have to claim rental income from the tenant. However you can claim expenses against that such as a portion of mortgate interest, utilities, condo fees. All of it will be pro-rated.

For the Home Business, I'm guessing you're thinking of claiming office expenses. Are you a self-employed consultant. The CRA has a series of tests to determine if you can claim home office expenses.

http://www.cra-arc.gc.ca/tax/business/topics/solepartner/businessexpenses/home-e.html

As to an excel spreadsheet. I have one but it doesn't suggest expense categories and does not include home office expenses, since I don't meet the test myself.

Home Business: Build Wealth Online. The Wealth Funnel System

So many people are trying to work at home nowadays. Some are successfully working at home but there are many more people struggling hard to find the right work at Home Business Opportunity or work at home job to do. People have real needs to work at home and make money especially when competition in the job market is getting more and more fierce.

The need for work at home jobs

Even recent graduates of good universities may find themselves out of job and need to work at home. A legitimate Work at Home Job Business Opportunity will benefit everyone from recent graduates to seniors hoping to supplement their social security income. When searching for Legit Work at Home Jobs, you need to be able to distinguish between Stay at Home Jobs and Stay at Home Business.

Working at home as a job or a business

Stay at Home Jobs will pay you by the hour whereas a Stay at Home Business is your own business that you will make money only if you succeed.

One of the easiest work at home jobs is Typing at Home. However, Online Typing Jobs are now scarce. There are more Computer Jobs at Home than Online Typing Jobs. However, Computer Jobs at Home require you to have more skills than just to be able to type usually.

Another type of work at home job is to become a Work at Home Agent for companies such as insurance companies and mortgage companies as well as Direct Sales and distribution companies.

Question: If business taxes are too high, why did Goldman Sachs have a real tax rate of only 1% in 2008?

Goldman Sachs took $10 billion from the original bailout, the TARP.

Because it finances most of its activites through tax havens, Goldman Sachs's real or effective tax rate was only 1% last year. See link to Bloomberg article below. Bloomberg is a highly respected and generally conservative source for business news.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aznONFlyupOI&refer=home

Can anyone seriously contend that a company like Goldman Sachs is paying taxes that are "too high"? How many of you are paying only 1% in taxes?
righteous johnson: The 1% was the tax paid on profit anyway. If you pay a 1% effective tax RATE, you pay that rate no matter how high your income actually is, right?

Answer: Because even though the U.S. tax rate is high, the real taxes paid by most businesses and the wealthy, is very low. A lot of people don't understand this fact. Hence, they think lowering taxes on businesses is a good idea.

Greg Raymer on Fox Business News