Self-Employed Taxes … Now What? (Calculator)

We’ve all heard the phrase. There are two things certain in life, death and taxes

 

Death we can do nothing about. Eventually, it will come for us all, and we just have to accept that. Taxes, however, we can minimize. As people, especially people within the FI community we often pride ourselves on our ability to minimize our expenses and increase our savings rate.

 

For this, we often make budgets. We take into account all of our income and compare it to our expenses. We then try to eliminate or minimize our biggest expenses, which is where many of our flaws begin.

 

For most people, they would list their three biggest expenses as shelter, transportation, and food. Even StatsCan posts these as Canadians top three spending categories. However, in many of our cases, particularly Canadians, our largest expense is actually one thing: Taxes.

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