Personal Income Tax
Generally, any income that you receive from renting out property will be liable for income tax, so you must include it in your tax return. At the same time there are many expenses that can be deducted in calculating your net rental income.
These expenses include mortgage interest, property taxes, utility costs, house insurance, maintenance costs, advertising, and property management fees. Don’t miss out on deductions and credits you are entitled to, Comptabilité KC Accounting will help you get the maximum.
When you become self-employed it means you are carrying on your own business rather than working for an employer and there are a number of things you should take into consideration when you are filing your tax returns.
You need to declare your income and capital gains correctly along with calculation of taxes. Simultaneously a self-employed taxpayer can get the deduction he/she wasn’t entitled to while he/she was employee.
These are one of tax saving ideas:
- Office in the home
- Automobile expenses
- Salaries paid to an employee (if you have one)
- Supplies used to earn income
- That is not all…
Comptabilité KC Accounting will help you to minimize income tax payable or even get the refund. We know what deductions and credits you are entitled to.