Tip of the Day: Self-employed persons are allowed to deduct expenses IF incurred wholly and exclusively in the production of their income, including: - rent, repairs to premises, plant and machinery, rates and taxes on immovable property; premiums paid on any fire insurance policy, etc. However, it should be emphasized that the expenses which self-employed persons are allowed to deduct, must be those related to their business, profession or vacation exclusively and must NOT be personal expenses.
Posted on: Wed, 15 Jan 2014 15:37:38 +0000