Kustom Design Talks Tax Planning for Self-Employed Individuals

Accounting and financial firm highlights the importance for sole-proprietor business owners and individuals to understand the percentages that pertain to their tax on self employment. End Quote

(1888PressRelease) December 23, 2010 - Calgary, AB - According to Kustom Design CEO Michael Lepitre, self-employed individuals and business owners have a great edge in tax planning and, unlike employed individuals, are able to deduct expenses from their income.

"It is crucial for individuals to be familiar with Canadian tax information for small or home-based business owners," said Lepitre. "Self-employed and business owners have many options to save tax that employees do not."

Self-employed individuals are considered to have a business and are entitled to claim a multitude of expenses so long as they are practical and incurred to produce income. Most frequently, expenses claimed include goods purchased for resale, office supplies, salaries and benefits, consulting fees, travel, insurance, repairs and maintenance, bank charges and equipment rental.

"Unlike employed individuals, self-employed individuals have myriad options to save on tax that include structuring, deducting business expenses, using dividends and making spouses and dependants over the age of 18 shareholders of the corporation," said Lepitre. "Tax planning is imperative for the self-employed and business owner, both before the fiscal year-end and before the calendar year-end!"

About Kustom Design Group
The Kustom Design Group of Companies is a group of interconnected businesses that make up a full service accounting and financial firm. Based in Calgary, Alberta, and renowned for our expertise and experience in accounting and financing, Kustom Design knows that professional integrity is crucial. Our team of professionals offer year-round personal or business service that is tailored to each of our client's financial needs through the funding, and wide selection, of accounting services, products and strategic planning.

Media Contact:
New Wave Media | Ashley Feist | (403) 457-0919 ext. 222 |ashley ( @ ) new-wavemedia dot com

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