Income Tax Preparation for Self-Employed

If you receive payments for products or services you provide & you are not an employee, you may be earning a self-employment income.

The income can be earned from business you operate yourself as a sole proprietorship or with someone else as a partnership.

Business income includes income from any activity you carry out for profit or with reasonable expectation of profit. A business includes:

  • a profession
  • a calling
  • a trade
  • a manufacture
  • an undertaking of any kind
  • an adventure or concern in the nature of trade.

Employment income is not business income.

If you are a self-employed, you pay personal income tax on all revenue generated by your business. You also assume all the risks of the business. The risks extend even to your personal property & assets.

Our tax specialists will help you with tax filing & maximizing the eligible deductions & credits you are entitle to.

Please consider the following list as a help in preparation of complete documentation for filing the INCOME TAX RETURN.

List of income & expenses for the self-employed

LIST OF INCOME & EXPENSES FOR PREPARING A BUSINESS TAX RETURN

Please list all expenses that apply to your business. If you have other expenses, not listed here, please add them to the list.

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