Tax Tips For Canadians

[Claude Lawrenson]

I was reading an eralier posting about tax tips and thought it might be beneficial here to see if we can get some Canadian input on this topic for the benefit of one and all. In my case I use Quickbooks Pro
<quote>Hi Guys,
Since I do my own taxes with Turbotax, I want to make sure I don't miss any "small item tax write-offs" that add up a lot... The program does all the major ones, but there are always small ones that I forget... I am putting together a list and feel free to add to it to share with everyone including myself...

Top Business Expenses for Tax Deductions:

1. Home office expense
2. Office supplies
3. Business Insurance costs
4. Advertising - internet directories, car magnets, business cards, flyers, etc.
5. Equipment - computer supplies, hardware, programs, software, cameras, batteries, etc.
6. Associations, NACHI, etc.
7. Hi Speed Cable modem access, required for business... (internet connection) Not sure if this one qualifies.... but Partial Cable TV for learning shows such as Home TV, House Detective, etc. etc. ?!?
8. Vehicle expenses, depreciation and mileage expenses
9. Business meals / 50% off.
10. Postage, PO BOX, taxes or fees... toll road fees
11. Books, publications, etc.
12. Cell phone calls... plan, etc. </quote>

[Charles R. N. Crooker]

Under #6 do not forget conferences and conventions and all training classes!

[Charles R. N. Crooker]

Originally Posted by clawrenson

I was reading an eralier posting about tax tips and thought it might be beneficial here to see if we can get some Canadian input on this topic for the benefit of one and all. In my case I use Quickbooks Pro
<quote>Hi Guys,
Since I do my own taxes with Turbotax, I want to make sure I don't miss any "small item tax write-offs" that add up a lot... The program does all the major ones, but there are always small ones that I forget... I am putting together a list and feel free to add to it to share with everyone including myself...

Top Business Expenses for Tax Deductions:

1. Home office expense
2. Office supplies
3. Business Insurance costs
4. Advertising - internet directories, car magnets, business cards, flyers, etc.
5. Equipment - computer supplies, hardware, programs, software, cameras, batteries, etc.
6. Associations, NACHI, etc.
7. Hi Speed Cable modem access, required for business... (internet connection) Not sure if this one qualifies.... but Partial Cable TV for learning shows such as Home TV, House Detective, etc. etc. ?!?
8. Vehicle expenses, depreciation and mileage expenses
9. Business meals / 50% off.
10. Postage, PO BOX, taxes or fees... toll road fees
11. Books, publications, etc.
12. Cell phone calls... plan, etc. </quote>

Claude, I am thinking of writing off our annual company meeting, we have to have it between Dec. 20 and Dec.30 and the only place and time that the boss and I can get together is on the Norwegian Wind just south of Hawaii and North of Fanning Island on Dec. 26th, I will have to run this past our accountant and see. Do you think it would count? as going to a meeting or convention does !!
</IMG>

[Roy D. Cooke, Sr]

Being a professional Home Inspector and thinking people should always use a professional to do what they do best .
I have had a business for over 30 years and used to do my own books.
I soon found that I should use a professional to do my Books .
We have always used a Chartered accountant for this .
I feel it has been one of my better decisions and would highly recommend that others have a good look at the benefits of a CA.

Cookie

[George A. H. Luck]

I agree with Roy. I used to do my own taxes and then would spend nights awake worrying about the deductions I might have missed or conversly, waiting for the tax police to show up at my door!

Unfortunately the tax laws in our country are so convoluted that I think it takes a trained mind to navigate through some really dangerous waters. Besides, when will I find the time to do the taxes while I am so busy taking wheelbarrow loads of cash to the bank?

Well, 'wheelbarrow loads' of something anyway. . . .

[ksherstobetoff]

I agree with getting someone else to do them. I did taxes for 5 years helping a family friend with their business.
It is amazing how much people miss. In some cases thousands of dollars.
At least get them done once in a while by a professional to make sure you are doing it right and getting all of your credits and write-offs. There was one gentleman that had always done his own and brought his in, he had never claimed his wife, I sent adjustments in for him for the previous years to the tune of over $9,000.
Hey, there's another write-off.

[Claude Lawrenson]

I agree with hiring a professional, but my post was intended to invoke discussion on any other little tips out there! Such as claiming reserves on questionable receivables, etc.

Sorry if there was a misunderstanding.

[wblakey]

I always use H&R Block, they have never let me down and saved me thousands over the years.

[Roy D. Cooke, Sr]

Originally Posted by wblakey

I always use H&R Block, they have never let me down and saved me thousands over the years.

Want a shock take two of your last reports and go to a CA and see if you are still satisfied.
The difference is some one who has years of training and a person who has a ten day cram course.

Cookie

[wblakey]

I guess like everything it's the people that count. The person at H&R who has been doing my taxes for the past 14 years is extremely knowledgeable. In comparison, the accountant (trained in the traditional manner) that my son in law went to was a complete disaster.

I guess this is another reason why licensing is not always the answer. Experience seems to be the factor (in accounting as well as home inspection).

[Roy D. Cooke, Sr]

Originally Posted by wblakey

I guess like everything it's the people that count. The person at H&R who has been doing my taxes for the past 14 years is extremely knowledgeable. In comparison, the accountant (trained in the traditional manner) that my son in law went to was a complete disaster.

I guess this is another reason why licensing is not always the answer. Experience seems to be the factor (in accounting as well as home inspection).

Yes I agree and yes there is also a huge difference in an accountant and A Charted Accountant. About 6 years of training .
I used to use and Accountant and then found a CA no comparison.

Cookie

[Rob A. Parker]

I have an accountant do mine does not cost me a dime, Married her.

[Douglas Cossar]

Married her! Free? Don't think so!!!!!

LOL......................

[rrichards2]

Originally Posted by dcossar

Married her! Free? Don't think so!!!!!

LOL......................

I pay an C.A. , worth every penny.

[wblakey]

My business accounts are not overly complicated, I use Quicken to keep everything organized and H&R for their expertise. Certainly they are not as qualified as CAs might be, but I think that paying a CA to do my accounts would be the same as hiring a professional engineer to do a home inspection.