Can I deduct 27.5% retirement fund contribution from my gross income?
By Alicia Human · Updated
As a sole proprietor can I deduct 27. 5% retirement fund contributions from my total income before expenses? I render a professional service.
If you are contributing 27.5% of your income towards a retirement fund then yes you are allowed to deduct this amount from your income.
Just to clarify I am a sole proprietor rendering a professional service. May I then still deduct the full 27.5% retirement fund from my gross income?
Yes even if you are a sole proprietor the above still applies to you.