Looking for a great mileage app?
We recommend MileIQ, MileBug, aCar, or Trip Miles. If you prefer a hard-copy log, we carry them at our office. To pick up a logbook or to discuss how to track your mileage, call our office at
905-571-2665.
Are you a contractor?
Please do not pay sub-contractors in cash if you cannot provide them with a receipt – otherwise known as an under-the-table transaction. This goes the same for the person purchasing the contract. The risk simply isn’t worth it. This may seem like an obvious tip, but you would be surprised just how many people are unaware of the tax implications of these sorts of decisions. You cannot ever qualify for a deduction for an expense you have incurred if you cannot provide a receipt. If the contract costs $20,000 in expenses, the person who paid it will be on the hook for all $20,000.
Did you know?
If you have childcare expenses – caregivers (i.e. nannies, babysitters), nursery schools, educational institutions that provide childcare services, day camps and sports with a primary goal of childcare, and boarding schools – you can claim them. For more information on the amounts you can claim, click here.