business expense?

[mike82]

i'm doing my taxes and am self employed via my sites. everything is reported as personal income.

can you declare dental expenses as a buiness expense? it doesnt make sense to me why you could, but then somebody told me if you weren't insured you could do this. and i am not insured. i also live in canada.

-mike

 

[ltn1dr]

i'm doing my taxes and am self employed via my sites. everything is reported as personal income.

can you declare dental expenses as a buiness expense? it doesnt make sense to me why you could, but then somebody told me if you weren't insured you could do this. and i am not insured. i also live in canada.

-mike

I don't know much about Canada, but why are you operating your websites as personal? At least in the USA if you regged your web business into a real business you could really declare a shitload of expenses you couldn't if you were receiving your payments as personal income.

 

[DomainRealty]

Are you a salesperson or someone who works person-to-person? In that case, it would seem logical...

Jason

 

[LazyHippy]

No idea about Canada, sorry. Pretty sure you can't in the UK - if you can I've definitely missed a trick there!

 

[smash]

In the US you can only claim medical or dental when it reaches a percentage of your yearly earnings. I believe it's 10%.

 

[Propellorhead]

Don't you have socialized everything in Canada including Dental? I bet you could claim it if you have to have face to face interaction with people. It is kind of like expensing clothes as part of your business as you need it for work. You may make the case that you can't sell with halotosis caused by rotten teeth. GOOD LUCK

 

[sicmayhem]

I don't know the percentage. But I do know for sure you can expense medical and dental. I had about 11K in dental this past year. (Got married and wanted a new grill for the wedding pictures) And my tax lady expensed it all as medical. Also what I do is download a CSV of my entire bank transaction history sort it by value and go through it and break out things like co-pays, prescriptions etc. and expense those as medical. It might not seem like a lot at the time, but when you factor in the costs over the year it adds up quickly especially if you've got a family and are filing as head of the house hold. Don't take my word for it. But I'm just saying it makes sense to talk to a professional which I'm not. But I'd never do my own taxes again. I can't find the loopholes like the experts can. They save me way more then the $250 I pay for them to file for me.

 

[lamrobertson]

You could probably claim it in medical expenses along with your prescriptions. But you can't claim it as a business expense to lower your income. You didn't need that expense in order to carry out business.

I did read about about a way of doing it by setting up a trust and then paying for a dental plan through the trust.

 

[paycoguy]

How about asking a tax accountant? They can probably find some more write offs for you as well.

 

[wordssap]

When I was in business (retail) I hired the biggest and best accountants in town. They treated me fairly, not charging as much as lesser firms, and saved me thousands over the years. Only one way to go!

 

[LazyHippy]

When I was in business (retail) I hired the biggest and best accountants in town. They treated me fairly, not charging as much as lesser firms, and saved me thousands over the years. Only one way to go!

So you were in a business that could employ the best accountants in your town, yet now you are promoting a $7 ebook.... what went wrong?

 

[anonymous]

i'm doing my taxes and am self employed via my sites. everything is reported as personal income.

can you declare dental expenses as a buiness expense? it doesnt make sense to me why you could, but then somebody told me if you weren't insured you could do this. and i am not insured. i also live in canada.

-mike

Do yourself a favor and get a good accountant. It will be well worth the money.