" 22. Wednendiiy, May 25,

t

1988 ~ North Shore News ~

BUSINEsS _

Many deductions available to. self-employed

I SPENT. $25 ona facial the other day, thanks. to unisex.

Those soft fingers, hot towels,

. creams and gentle misting relaxed

me so.much my. subconscious sug.

gested I should. deduct the $25 as a,
business expense. .

If you think all that work on my
head -addied my. brain (at ‘least’
got good value:. less* hair equals
mare face equals more facial), bear
_ with me a moment. ;

I know a financial advisor
doesn't need’a relaxed face: But if
| wear my writer's hat, then having»
a facial could relax-me-so the cre-

_ative juices.would flow even faster.

(tl can - always show
Canada this column as proof.}
1 began to think in this. artistic

yet tax-deductible way after Van-.
couver, accountants Judy Rhodes -

and Garry Nixon spoke-at a semi-
nar presented by the Alliance of
Canadian Cinema, Television and

. Radio Artists.

“Entertainers: asa ‘group are
fairly disorganized,"’ said Rhodes,

of Judy Rhodes Enterprises Lid. -
‘Basic business skills are just as°

important as specific lips when it
comes to saving tax."

WV. woman wins
"enterprising prize

From page 21
‘the. West Vancouver: Chamber: of
Commerce at 926-6614. 2

WEST: VANCOUVER’ resident .
’ Margaret Hoover recently captured
the $500 top prize in. Simon Fraser
‘University’s . New: Enterprise Pro-
Bram for:1988>.
Hoover's ~ new: “fir irm, - Morgeret
-Hoover:and ‘Associates, specializes
. in recruitment, job evaluation. and.

Sh The company,

~, Fong experience in human’ resource

management, ; was. judged the most

promising: ptrepreneurial busines:

by’a panel of fi

financiers

gram,’ for: “entrepreneurs foutiding :

new.: business¢s : ory ‘entering « new,
combines ‘university cand:

private sector experts to guide cach

e.

entrepreneur through. the process,
of writing his or her business plan. ;

Revenue.

That applics not
tainers, but to ali
employed,
your own full-time or just have a
sideline. In° the latter situation,

only (o enter-
who are self-

losses can be used to reduce: your -
income from employment, :

Having a hobby, however, is
enough. You must have:a reason-
able ‘expectation of profit : from

your self-employed business before

“The plan is used to' implement the °”

. business idea and to raise capital...

The :top three entrepreneurs

receive cash prizes’ sponsored’ by. -
Ventures West Technologies, Van. :
City. Credit. Union and Creo Elec- .

tronics.

Q .
i

‘A. RETIREMENT ‘centre, ©, Tocated

“in, _ Burnaby. is attracting, a: large»

“Shore: Sey : ,
" Rideau Manor includes 142 units

ranging’ in ‘size, from studio™ uiles -

to two-bedroom apartmeats.
Service ‘offered: to . centre: resi
ents includes: ‘weekly house clean

25. ¥ 24-hoursstaffing, two meals an

day and social programs
, For*more’ information call 291
4792:

The Port. fWancouvet

ar

. ‘Tekets on site, First co first

FREE HARBOUR CRUISES;
«, Aboard M .

SPECIAL DL ATTRAGTIONS:

+ Demonstrations: The North Shore
Rescue Team; PMT. Quayside
: ait

= two to France. (Approximate :
value $10,000 per. trip).

f 6 exquisite

whether you work on -”

‘not’

you: may deduct expenses incurred
«10 generate income.

" So'keep evidence to support the
‘likelihood of profit,
example, this is a file of rejection

letters from editors or publishers
_ to'whom you have been submitting

dollars

: and. sense
Mike Grenby

your ‘literary ‘efforts. — provided
ithe. jetters . indicate .. enough.

payment) could “occur within: the

pen a. Chequin

even if, for:

that

foreseeable future.
“Organization is the key.to effi-

.ciency,’’ said Rhodes! “For exam- -

ple, buy 12 manila envelopes oran
expanding file foider. File income
and expense receipts separately for
each month. Write enough infor-
mation on each receipt, to identify

| en

“Then you" or your accountant
can sort the expenses into the ap

rn propriate categories."*

The tax: department itself pro-
vides a’helpful.T1.Tax Guide for
Income. from a Business or Profes-
sion (ask your local tax office for a
free copy). Included are statements
list many of the; expense
categories, ©: .

For. cxample, said ‘Rhodes, you

‘may. deduct fees paid to agericies

or other organizations : that help

you! find ; work. or. carn income. O
_ provement that: publication | (and ote :

| or TBill Account now!

"your account from nother:
financial institution, ($1000, or

O You’ could. win $2500 cash i in

glasses are yours absolutely free
imum:3250 d posit}