Quote:
Originally Posted by fishnut9
its just a dayhome. We would have had the whole amount but we spent half of the 5800$ on our wedding. Now we only have 3k. But like i said i just dont want to spend more money on an accountant to get the same result at half price.
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Firstly, congratulations! Now lets try to save you some money, shall we?
Your business is home-based. You can write that off. If you have your taxes in front of you, it's on line 9945 of the T1. There is also a child care tax credit, of which I know nothing about (never ran a day home, kids have too much energy).
Before you go to an accountant (or HR Block), you will want to know the dimensions of your home, and the monthy cost. Do you own the residence? Because sometimes you can breach your renters agreement or lease if you didn't notify the holder that you are using the space for a business. If thats the case, no worries, just don't write it off, and no one will be the wiser (but I'd suggest stopping until you reach an agreement).
Do you have kids of your own? Because that is also a tax write-off (who said kids cost money hey?).
If you own the home, is it your first? Because that is also a tax write off!
See where this is going? The important thing to remember is not what you made, is what you SPENT in a year that is more important. Anything including food can be used as a tax write-off for child care.
In fact, I remember reading that in 2004 (I think) Pepsi-Cola actually got a refund come tax time. This is because even though they made billions, they donated, paid out bonuses, etc.
You aren't in as much trouble as you think. If you want more tax writeoff stuff, I can dig. I'm not sure where you are from, by my accountant also could do a number on your returns, but it would be in the neighborhood of 300-400 bucks, and he wouldn't review them for free.
Let me know if you have any other questions! Good Luck!
Dennis