Since it’s tax season here are a couple of quick tips to make your next tax reporting season a breeze!
- Photocopy (or scan and backup on a separate drive to print later) all business-related receipts, tax slips and any other necessary paper work as it comes in throughout the year. It may seem tedious, but truly it’s a simple discipline that saves me hours of headaches when tax time rolls around. Schedule it for once a week if that works better for you, but just do it!
- Mileage Logs are crucial! Make sure you have yours. Especially those of us who use our vehicles for both personal and business, I encourage you to keep a log that includes the following for each business trip for the entire year: Date, destination, reason for the trip and the distance covered (including the odometer readings will also help to determine the percentage of business vs. personal use).
For more information visit: http://www.cra-arc.gc.ca/whtsnw/lgbk-eng.html
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