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2019-06-30· The insurance costs related to business use of work space in your home have to be claimed as business-use-of-home expenses. In most cases, you cannot deduct your life insurance premiums. However, if you use your life insurance policy as collateral for a loan related to your business, including a fishing business, you may be able to deduct a

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To make a profit, business managers have to control expenses. This task requires a good deal of information about how to record expenses and losses. How many expense accounts should a business maintain? There’s no easy answer to this question. To get an idea of the broad range of expenses a business may have and []

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The general rule for deductions related to meals and entertainment expenses is that you can deduct up to 50% of the cost of meals and entertainment, or "an amount that is reasonable in the circumstances", whichever is less. Allowable expenses include: meals eaten with customers

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2016-08-30· When it comes to taxes and small business expenses, the general rule is that if it's related to earning money for your business, you can claim it at tax time. 'If you need it to do business, deduct it, but don't try to stretch the rules,' says Toronto accountant Larry West. 'The Canada Revenue Agency

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13 common expenses and tax deductions for independent

2019-06-05· Because of this, the Internal Revenue Service allows self-employed professionals to claim deductions for work-related expenses, which helps lower their tax burden. Thus, when working as an independent contractor, it’s vital that you track your business expenses. Doing so can net you a significant reduction come tax time. When you file your

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