Q: This year, I was laid off from my job, and I started a small construction business. I haven’t incorporated yet, but I plan to next year. When is my return due? Also, my wife works at the bank – when is her return due?
A: Self-employed individuals operating as a sole proprietorship or in a partnership have until June 15 to file their tax return. However, any balance due must be paid by May 2 to avoid any interest on the amount owing.
Spouses of self-employed individuals are also granted the same June 15 deadline, even if they are not self-employed themselves. Again, they must pay any balance due by May 2.
As a self-employed individual, you might be entitled to write off a portion of your household expenses. For help in determining all the deductions you are entitled to, contact an ATAP member today.