rennea
Gold Member
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For all of you who haven't done your taxes yet.......
INCOME TAX PREPARATION
RECEIPTS TO KEEP
PLEASE KEEP ALL RECEIPTS FOR ITEMS SUCH AS THOSE LISTED BELOW – IT WILL HELP YOU AT INCOME TAX TIME
For the House:
You are allowed to claim a percentage of all household expenses based on the square footage exclusively devoted to business purposes:
· Rent or Mortgage Interest (interest only, not payment)
· Heat, Hydro, Water
· Phone bills - long distance costs, cell phone for business purposes
· Internet
· House insurance
· House repairs/maintenance
· House taxes
For the Vehicles:
Remember to record your vehicle odometer reading on or January 1st – record the mileage as of December 31st. Revenue Canada allows you to claim the percentage of the total vehicle expenses based on the percentage of business kilometers versus total kilometers.
· Keep a Mileage Log for EVERY business related trip -parties/shows, delivery, general business purposes - bank, stationary supply store, etc.
· Gas receipts ( total vehicle gas expenses for the year)
· Car insurance and license
· Car repairs/maintenance
· Parking and tolls
Other expenses to Track
· PC Groceries
· Office Supplies – computer supplies, pens, stationary, postage
· Photocopying
· Hostess Gifts
· Newspaper subscriptions
· Fees for Income Tax Preparation
· Bank Charges, loan interest, mortgage
· Advertising
· Kit cost
· Meals out
· Donations
· Clothing (some preparers will let you claim some)
· MISCELLANEOUS – if in doubt- keep the receipt anyways!
· House hold repairs – a portion of these costs will be tax deductible
Hope this helps
INCOME TAX PREPARATION
RECEIPTS TO KEEP
PLEASE KEEP ALL RECEIPTS FOR ITEMS SUCH AS THOSE LISTED BELOW – IT WILL HELP YOU AT INCOME TAX TIME
For the House:
You are allowed to claim a percentage of all household expenses based on the square footage exclusively devoted to business purposes:
· Rent or Mortgage Interest (interest only, not payment)
· Heat, Hydro, Water
· Phone bills - long distance costs, cell phone for business purposes
· Internet
· House insurance
· House repairs/maintenance
· House taxes
For the Vehicles:
Remember to record your vehicle odometer reading on or January 1st – record the mileage as of December 31st. Revenue Canada allows you to claim the percentage of the total vehicle expenses based on the percentage of business kilometers versus total kilometers.
· Keep a Mileage Log for EVERY business related trip -parties/shows, delivery, general business purposes - bank, stationary supply store, etc.
· Gas receipts ( total vehicle gas expenses for the year)
· Car insurance and license
· Car repairs/maintenance
· Parking and tolls
Other expenses to Track
· PC Groceries
· Office Supplies – computer supplies, pens, stationary, postage
· Photocopying
· Hostess Gifts
· Newspaper subscriptions
· Fees for Income Tax Preparation
· Bank Charges, loan interest, mortgage
· Advertising
· Kit cost
· Meals out
· Donations
· Clothing (some preparers will let you claim some)
· MISCELLANEOUS – if in doubt- keep the receipt anyways!
· House hold repairs – a portion of these costs will be tax deductible
Hope this helps