Tips/Hints

    1. Name of business
    2. Total income for the calendar year 2019
    3. Purchases of goods and materials if you resell them as part of your business
    4. If you sell goods, inventory value on January, 1 2019 and on December 31, 2019
    5. Amounts paid to a subcontractor
    6. Advertising
    7. Meals and Entertainment (write on the back of the receipt the name of the person you invited)
    8. Bad Debts – amounts that you do not expect to ever collect
    9. Insurance (liability and disability, life insurance is not allowed)
    10. Interest on money borrowed to run the business (get a statement from the bank)
    11. Business taxes paid to local municipalities, fees, licenses, dues,
    12. Business related memberships and subscriptions
    13. Office expenses (including, postage, business cards, stationery, telephone and other supplies)
    14. Supplies under $ 500 for any one item.
    15. Accounting (for example, Burlington Tax Services)  legal, collection and consulting expenses
    16. Rent (if you had a store or if you rented a locker in 2019)
    17. Maintenance and Repairs, Leases of equipment, computers, etc.
    18. Salaries (including the employer’s contribution to CPP/QPP, EI, EHT, etc.)
    19. Travel expenses such as taxi, trains, airlines, car rental, buses and hotels
    20. Business Telephones (you are not allow to deduct the phone line in your home), cellular phones, pagers, etc.
    21. Other expenses such as utilities in your store, etc.
    22. Purchases of any supplies over $ 500 each such as computers, printers, furniture, software, etc.
    23. Delivery, freight and express, couriers
    24. Equipment rental
    25. Internet
    26. Bank charges, credit card charges
    27. Training
    28. Conferences and Meetings
    29. Equipment rental
    30. Storage
    31. Premiums paid for coverage under a private health services plan
    32. Car mileage (it is very important to keep a daily log of business and personal mileage)
    33. How much you spent in gasoline in 2019
    34. Car repairs
    35. Car Insurance
    36. Leasing costs if you do not own a car
    37. How much to spent to buy your car and in which year (if car is not leased)
    38. Car License
    39. Automobile Club
    40. Parking fees
    41. If you borrowed money to buy the car, how much interest did you pay the bank (the bank will let you know if you ask them)
    42. If you have an office in the house:
    43. How much did you spend to heat the house in 2019?
    44. Electricity for 2019
    45. House insurance
    46. House maintenance such as painting, house repairs, etc.
    47. Interest on the mortgage (the bank should have sent you a statement in January 2019)
    48. Property taxes on the house
    49. Other expenses, for example cable TV if you have a daycare business
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