employment salary and business income

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chandresh
Member since: Mar 03

Posts: 2606
Location: Toronto
Post ID: #PID

Posted on: 27-10-04 16:57:49

Quote:
Orginally posted by Smiley

If the business is inc. then it becomes a seperate entity and you cannot add/subtract income to your personal tax return . It has to be sole propreitorship/partnership .

I know that Smiley - but the reason I posted that question to rajminhas was that the original poster should always give proper details in his question or else the reply might be wrong/not to the point.

Just imagine a situation where this business of rajminhas is incorporated and you have replied a simple yes as an authority - if I were not to ask this specific question of incorporation, what would a reader reading the first two posts make out of them? You have not specified in your reply earlier that in one situation it is possible, and the other, it is not. Your above quoted post is a complete and correct reply - not the first two. And such replies can be misleading mind you.

Just a friendly suggestion - be careful when replying to such technical questions and better ask the originator to disclose facts before replying.

Chandresh

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Chandresh

Advice is free – lessons I charge for!!

Smiley
Member since: Mar 03

Posts: 1185
Location: USA
Post ID: #PID

Posted on: 27-10-04 19:00:55

Correct, Will take care in future

Thanks

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dp_jain
Member since: Jan 04

Posts: 418
Location: Brampton
Post ID: #PID

Posted on: 27-10-04 21:49:13

Quote:
Orginally posted by chandresh

Quote:
Orginally posted by Smiley

Just a friendly suggestion - be careful when replying to such technical questions and better ask the originator to disclose facts before replying.

Chandresh

You are absolutely right Chandresh.

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416-305-0080
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rajniminhas
Member since: Sep 04

Posts: 80
Location: Mississauga
Post ID: #PID

Posted on: 29-10-04 16:00:27

Hello,
tahnks for clearing my doubts...
Yes Incorporation is a different issue Altogether. I was just asking for business income as an individual in my own name( techies take it as sole proprieter/partenership).
OK, if this is the case of ability to deduct one's business loss from salary income ... then we have a reasonaby good and LEGAL( ? ) way of making some money or saving Tax.
Am I right? So we can create wealth this way.

Contributors: Smiley(4) rajniminhas(3) chandresh(3) dp_jain(1)

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employment salary and business income

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