Business Insurance Alberta
I’m interested in starting a home-based business in Alberta. I need help determing what I can deduct on taxes
I have other sources of employment income. I’m wondering if employment and self-employment income are lumped together at the end of the year so that I could reduce my total tax bill (mostly paid on employment income)? I guess I would need to incur a loss in my business and claim that loss against employment income for that to occur?
-How long can I earn a loss for?
-How do I determine how much of my mortgage interest, condo fees, Insurance etc., I can write off?
-Can you carry forward these business deductions if you don’t have taxes payable? (I have tuition tax credits which will mostly eliminate my tax bill this year)
-Why can you only deduct mortgage interest, and not principle?
Any other helpful tips for managing a home based business that likely won’t earn much money at the outset are greatly appreciated!
The expenses that you incurr in reference
to your business can be deducted from
this income solely. Rent if you pay rent,
cel phone the first year most people by a
laptop, computer, printer, furniture for
office, tools if any, mileage or gas, which-
ever is greater benefit . The mortgage
interest will only be deducted if you have
a home office deterined by office square
footage, if youre going to claim a loss
every year, make sure you have all the
receipts to back up this loss, because the
IRS gets suspicious if you have a business
that isnt making you money, then why are
you in it year after year if youre not getting
anything, I undersand maybe 1-2 year
people have a hard time getting their
business off the ground, just keep a good
record of business receipts. You will
also get to claim your tuition credits but
thats something separate and so is your
other income from other jobs.
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