Self-Employed?
How many people here are self-employed? I've always been, and my wife has become self-employed in the last couple years.
I'd be interested in any specific tips anybody has in this category.
What type of tips are you looking for exactly? I mean there are a lot of things that you can implement in your question but I'm just not sure what it is that you are looking for exactly.
I suppose I'd be most interested in strategies that I haven't heard of, so it would be difficult to refer to them specifically.
For example, when preparing my income tax return, I claim a portion of restaurant receipts for entertainment expenses and DVDs as resources for reference because most of my income is earned on film sets.
I'd welcome any legal tips for reducing my taxable income. I realize each field of work will probably have different strategies.
Yes, I feel unorganized in this regard as well. This is my first year as a freelancer.
Congratulations, Merdecat. Have you started preparing your income tax return yet?
I'm almost done mine, and I'm just waiting to make sure I get all my T4 receipts.
Thanks Ricardo. I did a bit of freelance late last year, so that should not affect my 07 taxes. Is that what you meant? Next year, my taxes will be more difficult. I don't think I'm making enough at this point to have to pay quarterly taxes though.
I assume if you worked as a freelancer, you were self-employed? Or maybe that was in addition to working for someone else?
If you made money freelancing in 07, don't you think you'd be expected to pay taxes on that?
MerdeCat, you said you don't think you're making enough to have to pay quarterly. How do you know when that becomes an issue? At what point does it become important to pay quarterly instead of filing once a year?
