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Tax Writeoffs for the Self-Employed

A timely subject for sure.  Here’s a summary of the tax writeoffs for the self-employed!

Of course one of the best tax writeoffs of all can be simply incorporating your business as a corporation or LLC.  This may allow you to deduct many things that a simple DBA or Sole-Proprietorship may not with the added bonus of liability protection.

This entry was posted on Thursday, March 9th, 2006 at 4:33 pm and is filed under QuickBooks and Accounting, Small Biz Management. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

2 Responses to “Tax Writeoffs for the Self-Employed”

  1. Kent Smith Says:
    February 8th, 2007 at 10:21 am

    Hi. We own & operate a small ladies clothing shop. Last season we over purchased inventory. If we donate $30000.Cnd to a womans shelter can we use the entire donation in this tax year? Please note that our company is incorperated.
    Thank you.
    Kent

  2. Matt Says:
    February 8th, 2007 at 12:57 pm

    Hi Kent,

    I’m not sure about Canadian law, but US Law offers a deduction for charitable giving but I believe there is a limit. Also, many US businesses simply take a loss and that helps lower their tax bill. Best advised to get an hour or so of advice from a CPA or Tax Attorney.

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