Side business deduction - TAX
Hey guys. If you are working on a new business, but still at the initial stage - i.e. operating out of the house, NO corporation, and no registered business name yet - is it possible to deduct the expenses from your regular income? Essentially:
Taxable income = regular employment income that you get from your day job - expenses incurred in setting up new business - portion of mortgage interest attributable to the space that is used for work (home office)
Is this accurate?
Taxable income = regular employment income that you get from your day job - expenses incurred in setting up new business - portion of mortgage interest attributable to the space that is used for work (home office)
Is this accurate?