Tax Tip Thursday

Let’s dive back into getting your taxes ready – it is that time of year!

If you drive your vehicle for your employer or work from home for your employer and have a T2200

• Vehicle – there are a few scenarios, but if you can claim your expenses
• Round up all your receipts for:
o Fuel
o Insurance
o Maintenance and repairs
o Bill of sale for your vehicle
o Mileage for business
o Total mileage for the vehicle for the year
• Home office
o Utility bills
o Property taxes (if commissioned employee)
o Insurance (if commissioned employee)
o Maintenance repairs on the entire house and property
o Repairs on the home office specifically
o Square footage of the home office
o Square footage of the whole house

If you are a sole proprietorship

In addition to the above, you will need to provide all of your revenue and expenses of the business.
You will need to know your assets and should have bills of sale for any equipment
If you are unable to provide income, expenses and assets, you will need all your bank statements and credit card statements of the business.

If you are a corporation you will for sure need to supply your bank and credit card statements.

In all cases you will need your previous tax returns.

If you get all that documentation together now, you will find your tax preparation process will smoother!

Also, be sure to come to the free skate on Sunday March 2 at the arena, sponsored by The Mad Accountant!

If you need your taxes done, come see us! But book an appointment first!

We are holding last year prices for another few weeks and then they go up!

We can help you prepare for tax season! Make An Appointment today!

Disclaimer:

This article provides information of a general nature only. It is only current at the posting date. It is not updated and it may no longer be current. It does not provide legal or tax advice nor can it or should it be relied upon. All tax situations are specific to each individual. If you have specific tax questions you should book an appointment for a 1 on 1 consultation.