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Business Deductions Checklist

  • Advertising -Social Media Ads, Google listing Flyers


  • Bad Debt- Income you have claimed in a previous year on your tax return
    but have not been able to collect from your client.

 

  • Business Fees, Licenses, Dues- Must relate to your area of business,
    Annual membership fees. 


  • Delivery Fees-  Stamps and postage ,UPS, FedEx etc. 


  • Gifts- Gifts to clients/employees may be eligible for a deduction
    Amount is limited/calculated based on your location
    If you gift an item with your logo/company name on it, it's 100%
    deductible
     
  • Home Office- Mortgage Interest  Utilities, including phone and internet
    Home/renters insurance ,Repairs and Maintenance 


  • Insurance-  Business insurance,Rental insurance (Brick and Mortor - NOT home-run business) 


  • Interest & Bank Charges- Monthly bank fees Interest on business loan (or personal loan used solely for business purposes)
  • Payment Processing Fees- Paypal, Honeybook, currency converter fees 


  • Legal, Accounting, Professional Fees- Legal and accounting consultation fees ,Bookkeeping services, Tax return preparation fees, Business registration fees 


  • Meals and Entertainment-  Taking out clients or employees, employee meetings, suite rentals etc. 


  • Office Expenses- General office supplies; pens, paper etc. Office furniture, equipment and electronics should be kept in
    their own categories and listed separate on your tax return Software/website fees 


  • Salary/Wages & Contractors- Employees wages Subcontractors
    Owners salary or drawings (fancy word for owner's withdrawals
    from the company) 


  • Supplies- Cost of items used to directly provide goods and services to
    your clients - Example; A cleaning company can deduct all
    cleaning supplies bought to complete their job


  • Travel- Transportation, hotels (business related travel, client meeting,
    conference, events etc.) 


  • Vehicle Expenses- Gas, parking, tolls
    Insurance and licence fees
    Car payments (leased or financed, keep interest amount
    separated)
    Repairs and Maintenance
    Payment Processing Fees
     


These expenses are to be used as a guideline only. There can be other

industry specific deductions that apply to your business. If you are unsure

or require a more detailed explanation for your business, please schedule


a consultation call.


*Home office notes;


You are required to enter totals for all expenses listed. However, this deduction is limited and


calculated base on the square footage of your home office.


You will be required to submit the square footage of your home office and the total square footage of


your home.


*Vehicle Expense notes;


You are required to enter totals for all expenses listed. However, this deduction is limited and

calculated base on the percentage of personal vs. business use of the vehicle.

You will be required to submit the total kilometers/miles driven for the whole year AND total

kilometers/miles driven for business use. To be able to claim vehicle expenses you are REQUIRED

to keep a detailed mileage log year round (this can be on paper or through an APP).




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