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Tax Deductions Checklist for Sole Proprietors

Remember to claim all the legitimate business deductions while filing your income tax return. The best way to do so is by following a checklist. We have created an illustrative checklist. Your CPA and bookkeeper can help you identify more deductions based on nature of your business and transactions.

Deductible Business Expenses

ADVERTISING AND PROMOTION
  1. Facebook ads.
  2. Google ads.
  3. Flyers.
  4. Promotional signage.
  5. Updates to your website.
BUSINESS MEALS
  1. Treating clients to a meal where you talk about business.
  2. Treating all your employees to a meal.
BUSINESS INSURANCE
  1. General Liability Insurance
  2. Third Party Liability<?li>
  3. Professional Indemnity Insurance
  4. Business Car Insurance
  5. Business Property Insurance
BUSINESS INTEREST AND BANK FEES
  1. Interest on business bank loans
  2. Interest on business credit cards
  3. Business bank fees
*Car (Business use portion only)
  1. Car Loan Interest / Car Lease Payments / Car Depreciation
  2. Car Repairs
  3. Car Insurance
  4. License registration fees
  5. Fuel/Gas
  6. 407 Toll tax
  7. Parking charges
Office Expenses (*If you are using home office, deductions are typically 10%)
  1. Office/Home Office Utility bills
  2. Hydro
  3. Gas
  4. Water
  5. Security
  6. Maintenance
  7. Rent/Mortgage Interest
  8. Telephone Bill
  9. Mobile Bill
  10. Internet Bill
  11. Office/Home Office Insurance
  12. Office/Home Office Property
  13. Tax

  1. Gifts
  2. Stationery
  3. Payroll
  4. Membership Fees of professional organizations.
  5. Investment in RRSP Donations.
  6. Rental Property Details
  7. Rent Income.
  8. Mortgage statement showing interest element.
  9. Utility bills paid.
  10. Home Insurance
* Please consult your CPA for calculation of exact deductions.

Black Box Consultancy Services Inc. can help you to capture, record and classify all the deductible expenses and maximize tax deductions.

SAVE at leat 25% on your existing bookkeeping costs.

For FREE CONSULTATION contact now on 519.716.4456/519.716.4457 or email on chintan.dixit@blackboxconsultancy.ca
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