Words of wisdom

Writing off your home based expenses

What are the rules about writing off your home?

 

If you operate a business from your home, then you may be able to write off part of your house. The general rule is that it:

  1. It is your main (principal) place of business
  2. You use the space only to earn your business income, and you use it on a regular and ongoing basis to meet your clients, customers, or patients

The expenses you can write off include:

  • Utilities (heat, power, water)
  • Rent
  • Mortgage interest
  • Home insurance
  • Property...
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Bookkeeping Technology: Making Your Right Choice

bookkeeping taxes Sep 16, 2018

 

Disclaimer: Different strokes for different folks, as they say.

The opinions expressed herein are just my own. These are based on my experience running a bookkeeping firm with hundreds of clients over the course of ten years. No two accounting professionals are alike; we all work with different methods and systems, and it is not my intention to discredit or throw shade on anyone else or any technology they prefer to use.

This is merely a starting point for entrepreneurs to gain...

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How to track expenses for your Direct Sales business

As a direct seller, it can be confusing about what is actually an expense.

Your home, your car....even your receipt at the craft store yesterday. They are all mixed together with personal purchases and business purchases.

Sometimes...it's just confusing.

We all know that any money we make has to be declared to the Canada Revenue Agency at the end of the year.

But did you know that your confusion on expenses today will cost you on taxes tomorrow?

Direct Sales Expenses

There are some really...

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Essential Qualities of a Business Bookkeeper

 

In the course of our hectic lives, we rarely have time to register this one question as we interact with countless people performing a job or service for us: how qualified are they?

We assume the cook at the restaurant washed his hands properly, the taxi driver knows where he’s going, that our to-go order is perfect as we grab the bag.

We need to put some things at the back of our minds, even when those little concerns cross our minds, because if we thought about them nonstop,...

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5 Mistakes Business Owners Make That Cost Them More Money on Their Taxes

bookkeeping taxes tips Apr 02, 2018

 

It’s a lesson that every business owner has to learn.

 For some, it comes after the first year in business when the realize they weren’t prepared, or after a few years of struggling to stay afloat.

 For others, it’s something they take time to learn early on, and these entrepreneurs have a much higher shot at success.

 

It's the relationship you have with your books.

 
It’s a little like when your kids go out to play in the yard.

Even though...

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