1/3 of income...how does it work?

[aly]

I've seen it mentioned a few times but not sure it's something I should be taking off my income myself and I haven't etc...but could someone explain in SIMPLES term please.

x

[FussyElmo]

I've seen it mentioned a few times but not sure it's something I should be taking off my income myself and I haven't etc...but could someone explain in SIMPLES term please.

x

Not sure what you mean. You allowed to deduct 10% wear and tear but other than that you have to put your expenses in and see what amount it is. You cant just deduct 1/3 off your income without proof.

Some people say your expenses are !/3, 1/2 or even 2/3's but they have to be what you have brought.

However it would make it so much simplier if we could just have a set amount when it comes to accounts

[Chatterbox Childcare]

As a rule some people say that your expenses should be 1/3 of your income

I don't think this is the case and your expenses are what you can prove and if they are 33% then fine and if they are 50% then fine

[aly]

thanks both that was what I thought...but confused myself lol.

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