Legitimate Home Based Businesses

Posts Tagged ‘deductions’

Question: What kind of tax write offs can i do if i started a Home Based Business ?

Im looking to start a small Home Based Business. I am a single mother with two small girls. I lost my job as a semi truck driver in the oilfield in may, and would like to start something i can do at home, so i can stay with my children.

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A Home Based Business and Tax Deductions

Question: How can a home-based business owner hire affordable help?

I'm a home-based business owner and I also work full-time for my night shift job. Because of my schedule, I need to hire a couple of part-time people to help with administrative tasks. I've had many inquiries from people but they want to be paid cash (under the table). However I don't want to get in trouble with Revenue Canada because of not taking the tax deductions off. But I don't know how to calculate payroll deductions. Any suggestions from anyone? My family and friends don't live nearby and they aren't able to help me.

Answer: you could write them a check in their name, get them to sign it, pay them in cash and keep the check and deposit it yourself.
This way it shows the taxes and your doing nothing wrong

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Question: I opened my Home Based Business ( sole tProp) in November...what can I deduct?

I opened my business in Nov. I am trying to figure out the taxes. How do I work out the deductions etc for 2005???

Answer: Working from home is great for many reasons:

A home office can be a rich source of deductions if you play by the rules. You can have a home office in a single family home of a studio apartment, just like any other home office, any space attributed to a home office must be exclusively used for business purposes.

A percentage of your rent if you rent or lease
A percentage of your mortgage interest if you're buying your home
A percentage of real estate taxes and homeowner association fees
Household supplies and cleaning services for the business portion of your home
Repair and maintenance of your home office Utilities (electricity, gas, water) attributable to the business use of your home
Furniture in your household that you convert for use in the home office
Phone services, minus the base local service for the first line into your home (Lines devoted to the Internet and faxing may be entirely deductible.)
Business use of your automobile from the time you leave your door

Home Based Business Tax Deductions