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Subject Author Date
Tax Line for Expenses Learn 01-24-2007
Posted by Learn on January 24, 2007, 2:54 am
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 Hello All,

I have some expenses that I need to assign a tax line to.
Can anyone please let me know which of the following tax
line I would assign for:

1.) Cleaning Products, (business is a cleaning Service)
2.) Quick Books Tax Software

T2124 Business: Business Other Expenses
T2124 Business: Other Costs
T2124 Business: Office Expenses
T2124 Business: Supplies

Any information would be great.

thanks

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Posted by Paul Thomas, CPA on January 25, 2007, 3:02 am
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> I have some expenses that I need to assign a tax line to.
> Can anyone please let me know which of the following tax
> line I would assign for:
>
> 1.) Cleaning Products, (business is a cleaning Service)

Supplies

> 2.) Quick Books Tax Software

Office expenses.

--
Paul Thomas, CPA
paulthomascpapc@bellsouth.net

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by bono9763@yahoo.com on January 25, 2007, 3:02 am
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> I have some expenses that I need to assign a tax line to.
> Can anyone please let me know which of the following tax
> line I would assign for:
>
> 1.) Cleaning Products, (business is a cleaning Service)
> 2.) Quick Books Tax Software
>
> T2124 Business: Business Other Expenses
> T2124 Business: Other Costs
> T2124 Business: Office Expenses
> T2124 Business: Supplies

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

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by DORFMONT@aol.com (Linda Dorfmo on January 25, 2007, 3:02 am
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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

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by parrisbraeside@yahoo.ca on January 27, 2007, 12:30 am
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> Hello All,
>
> I have some expenses that I need to assign a tax line to.
> Can anyone please let me know which of the following tax
> line I would assign for:
>
> 1.) Cleaning Products, (business is a cleaning Service)
> 2.) Quick Books Tax Software
>
> T2124 Business: Business Other Expenses
> T2124 Business: Other Costs
> T2124 Business: Office Expenses
> T2124 Business: Supplies

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.

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

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