Hello, my name is Dave Holmes and I'm a partner with Rumley Homes, Chartered Professional Accountants. If you are self-employed, you may be wondering how to report your income. Self-employed income is recorded on Form T2125, which is part of your tax return. On this form, you detail the total amount of your revenues or sales and all the expenses that you incur. Here are a couple of general tips when filling out the T2125: 1. Make sure to fill out the proper industry classification code. 2. Ensure that expenses are recorded under the proper heading. This is important because if the expenses do not match the Canada Revenue Agency's (CRA) expectations, you may be subject to a review. Additionally, you must deduct only your business use portion of your vehicle. Reporting your self-employed income can be complex and generally requires the assistance of tax professionals. They can help ensure you do not miss any tax planning opportunities and that you do not submit your tax returns with red flags that may trigger a review by the CRA. Thank you for watching, and please click on the link below to find out how we can help you and your business succeed.
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Self employment income verification Form: What You Should Know
To download a free copy, print this PDF and mail to us. Self-Employed Income Verification Please use this form to list the gross personal income, business expenses, and net personal income that you have earned since becoming self-employed. To view a sample letter, click here, and read instructions. Form 1099-C — Voluntary Withholding Tax Return The Form 1099-C is an estimate tax form that shows the tax withheld by an employer against your wages during 2010, 2011, and 2012. Form W-2G — Wage and Tax Statement This form is a statement by the (payer) of the worker's wages and income. W-2G — Wage and Tax Statement for Employees This form is a statement by the (payer) of the worker's wages and income. Self-Employed Expense Form This form lists the expense of your business on the basis of the income of your business. Form W3G — Wages and Taxes Withholding Report This form is a statement by the payer indicating the withholding of federal income tax against the amount of wages that the payer has collected. Please use Forms W3 and W3L when submitting to the IRS. The Payroll Tax Act of 1956, Public Law No. 91-1366, provides for the withholding of the minimum wage and certain employee health insurance benefits from wages which are received by the employees in wages (wages) or by check, draft, or money order made payable to the Labor Office of Payroll, General Government. This withholding tax is usually deducted from an employee's compensation to the extent that the employee is legally entitled to collect it or to receive it. Note — The form is only valid to withhold the minimum wage under 26 U.S.C. Sec. 6332. This fact sheet deals with the employment status of non-citizen immigrants in the country illegally. More information about these immigrants can be found in the U.S.
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