Business Owners Flashcards
1
Q
What expenses are deductible for a home office?
A
% of house floor space taken up by office X
*mortgage interest
utilities
prop tax
repairs/maintenance
home insurance
2
Q
What expenses are deductible for an employee?
A
Professional dues
3
Q
What expenses are deductible by a business (not related to office)
A
Meals/entertainment (50%)
Professional dues
travel
cellular
internet
office supplies
lease of computer
tax preparation fees
4
Q
How is EI contributions calculated for self employed individuals?
A
It is optional!
