BS - Sunday, March 6, 1983 - North Shore News & business Tax savings for the self-employed Self-employed people spend money to make money. If you are your own boss, you may deduct your business-related expenses from your imcome at tax time. You may be a writer, photographer, insurance broker or salesperson. If you are using part of your residence exclusively for buSiness purposes, you may claim a deduction based on that portion of your residence which is used for -business- Your claim may be based on the number of rooms or on a percentage of the total area. You may claim a portion of your operating costs, and rent or mortgage interest. Let's say you live in a two- bedroom apartment and use one bedroom as an office. Your office is 250 square feet and your apartment has a total area of 850 square feet. If yon are paying $700 a month in rent, you may claim 250/85 x $700 * $206 per month as a business expense. That adds up to an annual claim of $2,472. ~ ~You may claim the same — proportion of such operating expenses as heat, light, repairs and maintenance. You may also deduct depreciable assets. For example, if a freelance writer bought a typewriter for $700 in the last few weeks of 1982 the deduction would be half of the normal year's depreciation even though it hasn't been owned for the whole half year. In the second year, the writer would be able to claim a full year’s depreciation, generally calculated at 20 per cent of the un- depreciated balance. Remember to use your personal funds to buy personal items. Borrow for business expenses such as new furniture for the office, updated equipment and so on. The interest you pay on a business loan is deductible. Interest on personal loans is not. If you use your car in your business, you may claim expenses and depreciation. You must keep records and claim only the portion of the mileage and depreciation Canadian association that holds its annual convention in Canada, you may deduct travel, accommodation and related expenses incurred attending the conference. business You can't write off the cost of membership in recreational, sporting or dining clubs, but you can deduct your costs in the course of doing business at these clubs. OPEN HOUSE related to your business activities. Driving from home to your place _ of business is not a deductible expense. If you belong to a ince 4 Super Valu (Westlynn Mall) Leafs captured the first N.S. Industrial league title and will have a chance to grab the play-off cham- pionship when they play the winner of this Saturday's game in the finale next weekend. The Maple Leafs took top spot by edging runner-up Torchy's Flames 8-6 to finish three points ahead of their iron Horse The order of finish for the top five teams in the Coaches’ League was determined last Sunday with a week of action still to go to complete the 22 game schedulc. Iron Horse, front-runners since the mid-way point. clinched first place honours for the third consecutive year by crushing Superstars 5-O while their nearest rivals, Lynawood Hotel, were held to a ld draw by fifth-place Molsons Superstars played a strong farst half. holding = the champions at bay with only an own-goal putting them behind 10 Iron) Horse turned on the power tn the second half as Joe Greer, Rob Willams and Petter Phihps (from the penalty spot) scored goals and Dave Shaw posted the twelfth shutout Aardquin Construction goalkeeper York Kollenz recorded his caghth shutout in his team's 44 victory over beagle Harbour them a team's which cn third plac c finish as fourth place Lynn Valley sured 21 dropped a Question Answer Tax Tips Deductions tor Investors in the 19602 Graneral las Cassto ureter For atree C GA Tan Tips brochure cafl or vtatt PERRAULT, SMYTH & COMPANY Certthed General Accountants 1975 Lonsdale Avenue North Vancouver 6 OC. rivals. Lynnwood Inn Canucks finished tied with the Flames, while the N_S. News Redwings swept the cellar, although only four points back of the leading Leafs. The Leafs moved on to the finals in the play-offs last weekend by virtue of a 5-4 double overtime win over the Redwings. SuperValu led 3-0 and 4-3, however the supreme decision to Olympics. Lynn Valley's John Tinmouth figured prominently in both teams’ first goals as in the first half he handied the ball to prevent a goal and Olympics’ Harald Bonkowski powered home the ensuing penalty kack although ‘keeper John Palmer did get a piece of the ball on its way into the net. In the second half, Tin- mouth was brought down in the penalty arca and redeemed himsclf by slamming in a penalty of his own. James Arnison gavo . Olympics a 2-1 lead mid-way through the second half when he capitalized on a fine break-away pass, and his tcam-mates held on for a hard-carned victory. In other action, Carlings defcated Park Royal 41 while Olympia Gold Caps and Caribbean Stars battled to o OO stalemate Regular scason play will wrap up this Sunday. March 7 (the carhest finish im = recent memory) and Cup round play. involving all tcams, will Commence the following weck What are samo of (he dodun trons from tasable orcome often overtoated me tax return Oy the amaft inventor’ Carrying (harges the foltowing are sore of [ho dodu fons montraned Mferest an monay Docrowed to eam invesimerti income loos for (re manayemeanl on: safe oc uatody Of investments safaty Japosl bua Chargen accanmtinyg teas tor recording mveaimant tecaume ant mvestinvent ccmoat lees VIM ?7K3 987 8101 News came all the way back to even the score a four. Jim Barnes, the Leafs’ leading scorer, ended the Reswings season as_ he scored with 1:37 left in the second sudden dearth FEES START AS LOW AS... @ RETURN ALL WORK IS GUARANTEED!! CALL 985-0411 PAY LESS TAX 18979 Lonsdale Ave North Van 100% CANADIAN OWNED overtime frame. The winner between Torchy’s Flames and Lynnwood Inn Canucks will earn the right to face the Leafs March 12 in N.S. Industrial Hockey League Final. , FOR YOUR 1982 TAX Don’t miss the VanCity Electio to be broadcast on For . Sale by Owner Seymour River “Gem” - 1500 sq. ft.. 3bdrm Rancher, mint, asking low $120's. 2058 Riverside Dr., N.V. Place: Income Tax Seminar For members of the North Shore Community Credit Union Conducted by Coopers Lybrand Chartered Accountants Dates: Monday March 7 Wednesday March 9 Time: 730 930pm North Shore Winter Club 1325 East Keith Road (at Mountain Highway) North Vancouver Don't forget to bring your Personal Tax Guide North Shore Community Credit Union Five branches serving North Vancouver 929-7752 All-Candidates Forum: n for the Board of Directors Cable West —Cable 10 3:30 p.m., Thursday, March 10th. Vancouver City Savings alin. 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