BizSugar.com › Taxes › How to Set Up the Right Deduction Scheme

For freelancers, professionals or entrepreneurs (either a single person proprietorship or entity – partnership, corporation) that get to file their own taxes, you can use business expenses to lower your net income, hence, your income tax as well. These are called deductions. The Tax Deduction Scheme is based on the sales and expenses you expect to happen in the year. The deadline for choosing this is April of each year (quarterly filing).