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Posted by Lynne Lepage on April 14, 2008, 6:49 pm
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What about for Canadian Self-Employment Businesses?
Thanks, Lynne
> Many people do not take full advantage of deductions for their
> vehicles, and many times it's because they don't know what
> they are allowed to deduct. It depends on whether you will be using
> the standard mileage deduction or actual expense method. Using the
> actual method might be more beneficial if your vehicle incurred a lot
> of expenses during the year.
>
> Expenses you can deduct using the actual method include car insurance,
> DMV registration fees, tolls, parking, gas, oil changes, tune-ups,
> tires, maintenance, etc...
>
> You usually won't know which deduction method to use until the
> end of the tax year, so it's best to just keep a journal of all
> vehicle activities. To read more tips about which auto and travel
> expenses you can deduct from your Schedule E, take a look at
> RealTaxTips.com at (http://www.trexglobal.com). It's a forum
> for real estate investors to learn how others are saving money on
> their real estate investments, and it's an easy way to get
> prepared for taxes.
>
> Niman Singh
> Community Relations Director TReXGlobal.com
> (http://www.trexglobal.com)
> FREE to Use Simple Web Tools for Real Estate Investors
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