Paying my partner (expense?)
I'm a self-employed and I often give to my partner some money since I made more. Since sharing is caring
I wonder if I can get any tax-deductions out of it?
Dec 30th, 2014 1:52 am
Dec 30th, 2014 8:58 am
Dec 30th, 2014 12:10 pm
Dec 30th, 2014 12:30 pm
Dec 30th, 2014 12:51 pm
Ditto. Although there's no minimum, there's typically a practical amount you need to hit to justify the added expenses and enjoy the benefits unless you're doing something funky.
Dec 30th, 2014 5:51 pm
How much do you suggest?ichpen wrote: ↑Dec 30th, 2014 12:51 pmDitto. Although there's no minimum, there's typically a practical amount you need to hit to justify the added expenses and enjoy the benefits unless you're doing something funky.
Also important to note that ideally you should not be taking all the
Revenue out of a corp as pay/dividend or you will eventually lose the benefits of lower taxation.
Dec 30th, 2014 6:48 pm
Dec 30th, 2014 7:55 pm
Dec 30th, 2014 11:21 pm
Dec 31st, 2014 1:06 pm
Depends on your circumstances. Depends if it's your main income or supplemental income that you do not necessarily need to live off. If it's income you don't necessarily need incorporating makes a lot of sense, you leave the money in the corp or invest/loan it, lower taxation and you can offset business expenses. You can also pay out small dividends as needed without incurring too much personal tax liability. If that revenue is less than say 10k, probably too little to justify the expense. But I'm no accountant, just my observations. The downside are expenses associated with it as well as proper book keeping that you or your accountant needs to keep.
Dec 31st, 2014 4:32 pm
Jan 1st, 2015 2:24 am
Jan 2nd, 2015 12:16 am