"Business Income & Expenses"

Either you are working for yourself fultime or part-time, either a sole or single proprietor or a partner in a partnership or working for a corporation. All income related to your business have to be reported and all related expenses are deductible for that year.

General Rule: ...If the income is taxable, generally related expenses you incurred are usually deductible. Of course, there are a few exceptions. A few income might be includible for book purposes but non-includible for tax purposes. The same way with expenses, a few expenses are deductible for book purposes - but non-deductible for tax purposes, and likely be added back to income.

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Earla Riopel, BSCom(USA), DipAcc(UBC)

Website: http://earlariopel.com/ Email: earla@earlariopel.com

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