How-to · Wednesday, August 2, 2017

Entrepreneur: which business expenses are tax deductible?

How-to

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As an entrepreneur, do you have a hard time figuring out which business expenses are tax deductible? If so, here are some helpful tips:

 

Read on to find out if you’re casting your net too wide--or not wide enough.

 

Home office 

If you have a home office, calculate the percentage of space that it takes up in your home. This is the percentage of housing-related expenses that you can deduct for things like: 

 

  • Rent payments or mortgage interest 
  • Insurance
  • Property taxes 


You can also deduct other expenses, including:

  • Telecommunications (internet, phone, etc.)
  • Office supplies 
  • Advertising 
  • Computer equipment


Business use of your vehicle

First, figure out the percentage of kilometres driven for business purposes. This is the percentage of expenses that you can deduct for things like:

  • Finance or lease payments
  • Gas
  • Maintenance and repairs
  • Registration, insurance and driver’s licence

To read more, please visit Desjardins’s website

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