Here are some things to know about your income, deductions and home office expenses to help you make the most of your tax deductions. 1. Your income Generally speaking, your income is money you earn from your employer in salary or wages, or the income you earn as a self-employed person from your business. However, there are other items included in income that people often forget. When you file your… Read more
Property is a popular investment asset that contains a number of significant advantages including income generation, capital growth, resistance to major market downturns and substantial tax deductions. Although tax deductions and offsets shouldn’t be the key reason to invest in property, if you have purchased a property make sure that you use every concession available to you. Deductible expenses There are three categories of rental property expenses: Expenses to be… Read more