Tax Planning for Business
A home-based business will be entitled to deduct a portion of their home occupancy costs, including home mortgage interest, 2.5% building write-off, rates, rent, insurance, and maintenance.
Personal services income (PSI) is income produced mainly from an individual’s skills or efforts. It’s income that has the characteristics of employment income.
These 10 tax strategies apply to the majority of businesses & produce the biggest tax savings (on average).