Did you know?
When claiming your meals and entertainment expenses, you should always be sure to also include both receipts to include any tip paid to your server.
Have questions? Give us a call! 905-571-2665
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, feel free to call the office at 905-571-2665 (BOOK)!
Are you or do you know a contractor?
Did you know that you should never pay sub-contractors in cash if you cannot provide them with a receipt? This is otherwise known as an under-the-table transaction. The same applies 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 sort 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.
Have questions? Give us a call at 905-571-2665.