Shaelene’s Tax Tip of the Week – April 17th

Books In Line

Did you know?

If you’re self-employed and use your car to earn business income, you may be able to claim vehicle related expenses like gas, insurance, licensing and registration fees, maintenance and repairs, leasing costs and interest on money borrowed to purchase a car.

If the car is also your personal vehicle, you may only write off the portion used for business purposes. To calculate this, you must keep a logbook detailing all your business trips, including  the mileage, date and purpose of the trip. Make sure to document all other expenses and keep receipts organized in one place so you’re prepared if you get audited.

Have questions?

Give us a call at 905-571-2665 (BOOK)!

We’ve got you covered!

Tax tip found here.

Shaelene’s Tax Tip of the Week – April 3

Books In Line

Did you know?

Even if your business income is low, be sure to claim all your business-related expenses. Any business loss can be carried back 3 years or forward 20 years. Those earlier or later returns can then be reassessed to include the business loss and you could be eligible for an additional refund.

Have questions?

Give us a call at 905-571-2665 (BOOK)!
We’ve got you covered!

Shaelene’s Tax Tip of the Week – February 28th

Books In Line

Did you know?

Many freelance and self-employed individuals operate from offices at home, but not all realize that you can deduct expenses related to your home office. These can include insurance, mortgage interest payments, repairs, utilities, and other home-related expenses.

Have questions?

Give us a call at 905-571-2665 (BOOK)!
We’ve got you covered!

Tax tip found here.