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There are all kinds of deductions available to corporations that are not available to sole traders.
by Marazan 11y ago
There are all kinds of deductions available to corporations that are not available to sole traders.
- maxerickson 11y agoWhich ones aren't related to expenses?
- ryanwaggoner 11y agoSuch as? I don't believe this is really true, would love to find some examples though.
- themartorana 11y agoThis isn't true at all. Well, not that I can think of. Solo is tough in that it's easy to "pierce the corporate veil" when it comes to legal liabilities and whatnot, but there's not a thing I can write off now that I couldn't as a solo - well save everything related to employees, but, ya know, "solo." But sub-contractors are a perfectly acceptable expense.
- dboreham 11y agoIf that were true (doubtful) then just create a corporation. Cheap and easy, at least here in these United States.
- megablast 11y agoThings he could have deducted: Electricity, phone, internet. If he worked at home, then part of his rent. Travel if he worked at home and at an office.
- usaphp 11y agoHe can only deduct it partially based on a proportions he uses this for the business. I am pretty sure he uses electricity and Internet for personal stuff too. And to calculate rent deduction for a home office you have to measure your living space and space that you use solely for business, the deduct a percentage of rent based on a space it occupies. Based on my experience the deduction amount is quite pathetic...
- giarc 11y agoHe likely worked out of his home, I wonder why he didn't deduct office space. Likely could have deducted internet cost as well.