home business write offs help please

[avb3]

Originally Posted by bigdaddy37

abv3

Anyone know a good tax accountant in Calgary?

I PM'd you a reference.

[winged1]

I've been self employed for 29 years myself and the best thing that ever happened to me was when I walked into an accountant's office in 1983 and asked him to do my "books". He looked at my documents for a while and then pushed them back accross the desk and told me I could do it myself. I guess he didn't need my business.

I did a lot of reading, educated myself and have been doing my own bookkeeping/tax returns ever since. Remember, the CRA people are there to answer your questions. Use them, they're a free resource but also get other opinions.

How much money did I save over the years? Lots, plus I have an excellent understanding of how the whole self employed/home office system works.

Sounds like a familiar story. We (wife and I) did our business taxes for years, with the occassional call to an accountant for advice/clarification. For the last 5 years however, We've turned 'the filing' completely over to the accountant so we can concentrate on running the business.

[fishnut9]

Please guys dont hijack this thread with insults and arguements. This is one of the few topics i make that actually help people out.

Originally Posted by BeerSlayer1

It sounds like you're under the gun and a good accountant might be the way to go, but...................

I've been self employed for 29 years myself and the best thing that ever happened to me was when I walked into an accountant's office in 1983 and asked him to do my "books". He looked at my documents for a while and then pushed them back accross the desk and told me I could do it myself. I guess he didn't need my business.

I did a lot of reading, educated myself and have been doing my own bookkeeping/tax returns ever since. Remember, the CRA people are there to answer your questions. Use them, they're a free resource but also get other opinions.

How much money did I save over the years? Lots, plus I have an excellent understanding of how the whole self employed/home office system works.

2007/2008 GST and income tax audits resulted in an extra $28 refund from CRA, I think that's pretty good when we are dealing with hundreds of thousands. In the end I had a bill, document, or realistic explanation for every question the auditor asked.

Others have given some good advice, listen to them and avoid the guys who tell you claim your wife's makeup and restaurant meals as "business meetings".

I do my own books and would suggest that most do but I do leave the actual taxes to the accountant. No doubt with enough research you could wade through the myriad of rules and regulation but for me, it's worth the couple grand to have her do my taxes and GST on two companies every year. I respect your patience to take the time to learn the system.

[loyaleddie]

Originally Posted by avb3

I PM'd you a reference.

Could you send me the reference as well???

thx!

[hosmerunited]

my wife ran a dayhome when we were in calgary. i know there is a book you can get from the alberta governement that gives you ideas on what to write off. and near the back of the book it actually tells you that if you cannot have enough write offs to balance it out to owning nothing you are doing something wrong. the years that she ran a day home we only had to pay her cpp contribution every year and i think the most it was one year was 1500 bucks or something like that. when my wife gets home tonight i'll find out where whe got the book from for you cause it might be on line now too. and like what has been stated keep it to what you can show proof or receipts for.
for wirting off the vehicle be careful cause if you donot have commercial insurance it could get sticky if they start looking into reviewing your claim.
mike

[fishnut9]

H

Originally Posted by hosmerunited

my wife ran a dayhome when we were in calgary. i know there is a book you can get from the alberta governement that gives you ideas on what to write off. and near the back of the book it actually tells you that if you cannot have enough write offs to balance it out to owning nothing you are doing something wrong. the years that she ran a day home we only had to pay her cpp contribution every year and i think the most it was one year was 1500 bucks or something like that. when my wife gets home tonight i'll find out where whe got the book from for you cause it might be on line now too. and like what has been stated keep it to what you can show proof or receipts for.
for wirting off the vehicle be careful cause if you donot have commercial insurance it could get sticky if they start looking into reviewing your claim.
mike

Awesome pm me when you get the info please

[sirmike68]

Why not write off the ligitimate expenses you have for your business and pay your fair share without coming up with "fictional" expenses just to aviod taxes. It just makes it harder for the rest of the taxpayers to foot the bill.

[avb3]

Originally Posted by loyaleddie

Could you send me the reference as well???

thx!

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