TAXATION

Self-employment can be the start of something great but there may be a price. 

 To people who are conventionally employed, the world of self-employment often looks enviable. This is not too surprising since there are very few deductions from income available to anyone working for a salary or hourly wages. So, for those who work for others, it is difficult not to covet the deductions from income available to the self-employed as a major advantage of being self-employed.

If you are considering the option of self-employment, it is important to understand some of the myths and truths.

 Self-employment Myths and Truths

100 Percent Deduction

At first blush the ability to deduct from revenue expenses incurred to produce business income is a positive feature. After all the self-employed save "lots of money" because they can deduct 100 per cent of purchases, office supplies, computers and vehicle expenses. However the belief that the self-employed are able to deduct 100 per cent of their expenses is a myth because it does not consider the following... read more of this article by downloading the pdf