Income splitting and starting a home based business
Will I screw up my husbands taxes if I start a home based business.We are now able to income split so will it cause hubby to pay more if I start a business?
Feb 19th, 2012 12:30 pm
Feb 19th, 2012 1:03 pm
Feb 19th, 2012 2:49 pm
cakesforkids wrote: ↑Will I screw up my husbands taxes if I start a home based business.We are now able to income split so will it cause hubby to pay more if I start a business?
Feb 19th, 2012 5:02 pm
cakesforkids wrote: ↑Will I screw up my husbands taxes if I start a home based business.We are now able to income split so will it cause hubby to pay more if I start a business?
Feb 20th, 2012 12:27 am
Feb 20th, 2012 10:00 am
Feb 20th, 2012 6:55 pm
cakesforkids wrote: ↑To clarify.....My husband has a full time job out of the home.I am a stay at home Mom and I am wanting to possibly start a cake decorating business.I will require a city business license and have to rent a commercial kitchen.Hubby will not be involved or be an employee of....Just me...He is worried he won't be able to claim me anymore on income taxes and last year I believe the Harper government implemented an income splitting allowance for couples to split the sole earners income..Not sure if this has been around for a long time or something new...I could be mistaken...The business won't make a huge profit it is basically just something to keep me home with the kids while still trying to bring in some earnings.I should also mention I collect the child tax credit...will this affect how much I receive or will I get anything at all if I start a business?It isn't much already....
Any ideas or suggestions....
Feb 20th, 2012 8:18 pm
cakesforkids wrote: ↑To clarify.....My husband has a full time job out of the home.I am a stay at home Mom and I am wanting to possibly start a cake decorating business.I will require a city business license and have to rent a commercial kitchen.Hubby will not be involved or be an employee of....Just me...He is worried he won't be able to claim me anymore on income taxes and last year I believe the Harper government implemented an income splitting allowance for couples to split the sole earners income..Not sure if this has been around for a long time or something new...I could be mistaken...The business won't make a huge profit it is basically just something to keep me home with the kids while still trying to bring in some earnings.I should also mention I collect the child tax credit...will this affect how much I receive or will I get anything at all if I start a business?It isn't much already....
Any ideas or suggestions....
Conquistador wrote: ↑ One other thing you should know for future reference. If it is on the subject of taxes, listen to ghostryder. He knows his stuff.
Feb 20th, 2012 8:43 pm
Feb 21st, 2012 9:01 am
cakesforkids wrote: ↑GhostRyder...That is exactly what he is worried about..Sorry for the confusion....He also mentioned the audit thing as well.We used to have a construction company for 15 years so he is aware....I guess we will have to discuss it further...
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