I have been using Turbotax for several years for self employed with a home office. My income and deductions are relatively the same each year, but for 2023 my business revenue was higher than the previous year, but my taxable income is showing close to half as what it was the previous year (with lower business revenue). As I put my deductions in, my refund goes down...! What am I doing wrong or is there a glitch?
What is likely happening is you are receiving the Canada Worker's Benefit (CWB) or some other credits. There is a point where your income reaches that "Threshold" and you receive the maximum amount of this credit.
When you add more deductions to your Self-employed income, the amount of CWB benefit and other credits gets lowered and therefore you get a smaller refund.
Thanks for choosing TurboTax.
What is likely happening is you are receiving the Canada Worker's Benefit (CWB) or some other credits. There is a point where your income reaches that "Threshold" and you receive the maximum amount of this credit.
When you add more deductions to your Self-employed income, the amount of CWB benefit and other credits gets lowered and therefore you get a smaller refund.
Thanks for choosing TurboTax.