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 – March 24th

Books In Line
Have childcare expenses?

  You can claim amounts paid to daycare centres, caregivers, day camps, and boarding schools. The amount you can claim is up to 2/3 of your earned income or the actual amount you paid for childcare – whichever is lower. The maximum claim per year is $8,000 per child under 7, and $5,000 per other eligible child.

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

Shaelene’s Tax Tip of the Week – July 8th

Claiming auto expenses is beneficial to reducing your taxable business income. Auto expenses include fuel and oil, license and registration, maintenance and repair, insurance, car washes, parking, tolls, interest paid on an auto loan and leasing costs. Be sure not to miss out on these costly expenses by being sure to save every receipt.