Shaelene’s Tax Tip of the Week – November 1st

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!

Shaelene’s Tax Tip of the Week – October 25th

Books In Line

Did you know?

Did you know you can use childcare expenses to lower your taxable income? Examples of childcare expenses include daycares, summer camps, overnight boarding schools and in-home providers like nannies. The government allows you to claim up to $8,000 for kids under age 7 and up to $5,000 for children aged 7 to 16.

Have questions?

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

Shaelene’s Tax Tip of the Week – October 11th

Books In Line

Did you know?

If you run your business from your home, be aware of the expenses you can write off. Keep track of the proportional amount you use for expenses like internet, hydro, rent, or even your mortgage interest that you accumulate during your business hours.

Have questions?

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

We’ve got you covered!