• Advertising
  • Bad Debts
  • Benefit Plan
  • Business taxes, fees, licenses, dues, memberships and subscriptions
  • Delivery and freight
  • Insurance
  • Interest
  • Maintenance and repairs
  • Management and administration fees
  • Meals and entertainment (when entertaining a client)
  • Motor vehicle expenses
  • Office supplies & expenses
  • Legal, accounting and other professional fees
  • Property taxes
  • Rent
  • Salaries, wages and benefits
  • Travel
  • Telephone & utilities

If you do not have an office in another location, you can write off a portion of your home expenses.  We will require the total square footage of your home and the square footage used for business purposes.

  • Heat
  • Electricity
  • Insurance
  • Maintenance
  • Mortgage interest (can be obtained from your bank)
  • Property taxes

Capital cost items:

These are items such as furniture and computers purchased to run your business; only a percentage of captial cost allowance is used each year as an expense to your company.

Vehicle Expenses:

If you are a limited or incorporated company and you drive your personal vehicle for business purposes, keep a log of all kilometers driven for business and a calculation can be done monthly or yearly to recapture the amount as an expense.  Currently the Government allows .53 cents for the first 5000 kilometers and .47 cents for every kilometer after that; however, if you use your vehicle solely for business purposes (you have another vehicle for personal use), you are able to write the entire vehicle off.


Posted on March 9, 2014, in Accounting, Allowable Tax Deductions and tagged , , , , , , , , , , , . Bookmark the permalink. Leave a comment.

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