Tax Line for Expenses

Supplies

Office expenses.

-- Paul Thomas, CPA snipped-for-privacy@bellsouth.net

1.) Cleaning products are supplies of your business 2.) Usually software is considered a long-term asset that must be depreciated using a 3 year useful life. Alternatively, you can expense it using section 179, if you meet the other requirements. Dennis

Go to the QB website and look for a QB Certified Advisor. It takes me about 3 hours to set up books for a new business on QB. A certified advisor could do it in half the time. Then you can keep up the books except for closing out at the end of the year. Call your advisor for help around the first of December. Linda Dorfmont E.A., CFP, CSA

Cleaning Products are office supplies on the Canadian T2124 Quick Books is CCA Class 12. You are not allowed a Section

179 as that is a US claim and you are filing a Canadian Tax Return. Nor can you claim it as Office Expenses as you could on the US Schedule C - Canada does not allow you to expense software. Please be aware that in this forum you will get answers from other countries. The answers you received were good for the United States but wrong for Canada. You did get a great answer to obtain the help of a Certified Advisor. They will know the local requirements.

Wow, a knowledgeable Canadian! Welcome to the group. We will rely on you for advise on all those T forms. Linda Dorfmont E.A., CFP, CSA

What, you mean the following:

T5007 - Welfare T5008 - Statement of Securities Transaction (T-Bill or Stocks) T3 - Trust Dispursements T5 - Investment Dispursements - Like a 1099-I T4 - Employment Income (Sort of a W-2) T4A - Pension and other Income

If you want a REALLY good reference, take the Canadian H & R Block Course. They will give you a cross reference text with all slips and exactly what you have to do for each slip and box. Actually, I am trained in three jurisdictions. Canada (Primary Jurisdiction: Know Personal, Trusts, Sales Taxes and some basic Corporate) Quebec (Secondary Jurisdiction: Know Personal, Trust, Sales Taxes, Property Taxes, Improvements to Immovable Return and limited Corporate) US Returns (Know 1040, 1040A, 1040EZ, 1040NR) I have also handled tax returns from Germany, Great Britain, France, Australia and Iceland. I am a paid preparer, operating privately. My furtherest clients are in Singapore and Sri Lanka. My oldest is past one hundred and my youngest turned nine last year. I have affiliations with both Intuit and Sage, though I have never bothered with being a certified consultant. Still having too much fun to bother with the paperwork. And I am always happy to help a client. :-)