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self-employed

A collection of 11 posts

How to Save Money on Vehicle Expenses: Tips for Small Business Owners

How to Save Money on Vehicle Expenses: Tips for Small Business Owners

As a small business owner, one of the biggest expenses you may face is the cost of operating a vehicle for your business. From fuel and maintenance to insurance and depreciation, the expenses can add up quickly. However, with some careful planning and smart choices, you can save money on

Maximizing Your Mileage Deductions as a Self-Employed Professional in Canada: Understanding the CRA Guidelines

Maximizing Your Mileage Deductions as a Self-Employed Professional in Canada: Understanding the CRA Guidelines

Claiming mileage deductions can help self-employed professionals in Canada save money on their taxes. Understand the CRA guidelines and use tools like Psngr to simplify the process, in order to maximize your deductions while minimizing the risk of errors and audit.

6 deductible travel expenses!

6 deductible travel expenses!

1.Meals: Most companies will expense the whole bill providing it's a reasonable amount, and you haven't been out to The Ritz for High Tea. It's worth checking the company policy as some companies will only refund 50% of the bill. 2.Laundry: Laundry can be claimed, again it's within

What Are the Top 5 Business Expenses

What Are the Top 5 Business Expenses

When starting out there are many costs to take into consideration. Here are our top 5! Office Space: Rent, bills, maintenance, and all other manors of office upkeep are the single greatest cost when starting out. Finding office space is only the start. Managing the fit out, complying with safety

5 ways to manage your business mileage!

5 ways to manage your business mileage!

Pen and Paper: Outdated, time consuming and inaccurate however, much of the UK still logs business mileage for tax reimbursement manually. Remember, all UK mileage logs need to be kept for 5 years - that's a lot of trees! Spreadsheet: A step up from pen and paper and it's presented

Tax Code for the Traveling Corporate Salesperson

Tax Code for the Traveling Corporate Salesperson

Are you a traveling corporate salesperson? You know, someone who's constantly on the go. Flights and cars and hotels. You're an unsung hero, and you deserve a reward. Enter tax code policy. Not paying taxes isn’t the reward, paying LESS than you may have thought you had to is.

How to Qualify for the IRS Uncollectible (Hardship) Status, if You Are Unable to Pay Your Tax Bill

How to Qualify for the IRS Uncollectible (Hardship) Status, if You Are Unable to Pay Your Tax Bill

If you owe the IRS and are unable to settle your tax bill because you do not have the resources to do so; don’t panic, there might be a way out – the IRS could declare you “Uncollectible.” In order to be declared uncollectible by the IRS, you will have

Here's Why Driving a Compact Car Gets Money in Your Pocket

Here's Why Driving a Compact Car Gets Money in Your Pocket

It isn't exactly breaking news: driving a compact car, or even a small sedan is a lot cheaper than a large sedan or SUV. This is especially true if you are using this car on business, thanks to IRS standard mileage rate. Here's why: A recent report by AAA shows

The Home Office Deduction

The Home Office Deduction

If you use a part of your home for your business or for your employer’s business, you can claim a deduction for the business use of your home. This deduction is referred to as the home office deduction. There are some tests that you must meet to be eligible

2 Cases of Driving To and From Home That Are Tax-Deductible

2 Cases of Driving To and From Home That Are Tax-Deductible

In our previous post, we discussed the cases in which you can deduct your mileage expenses from your taxable income, using the IRS Mileage Rate. The IRS normally excludes home-work commute from "deductible mileage". However, there are two exceptions to this rule: 1. Home Office If your home is your

Defining a Self-Employed Individual

Defining a Self-Employed Individual

A self-employed taxpayer is an individual who is in business for himself or herself, and whose business is not incorporated. You are considered self-employed if the following applies to you: * You carry on a trade or business as a sole proprietor. * You are an independent contractor. * You are a member