Tax deductions for entrepreneurs
Deductions made correctly reduce your taxable profit legally, but mistakes can lead to back taxes. This guide brings together the most common deductions and tells you which documents prove them.
You will need
- Receipts and invoices for purchases
- A driving log, if you use your own car
- Accounting software or an accounting firm
- MyTax (OmaVero) login details
Steps
Understand the basic rule for deductions
You can deduct expenses related to earning or maintaining income in your business. Private expenses are not deductible, even if they are paid from the business account.
Deduct your home office
Record equipment and software
Keep a driving log
Separate entertainment expenses
Deduct training and literature
Remember YEL and insurance
Keep your receipts
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