totals needed to prepare a business/commission tax return
If you are not sure about any items, please call us at 905-634-5605 (Tell a Friend)
- Name of business
- Total income for the calendar year 2016
- Purchases of goods and materials if you resell them as part of your business
- If you sell goods, inventory value on January, 1 2016 and on December
- Amounts paid to a subcontractor
- Meals and Entertainment (write on the back of the receipt the name of
the person you invited)
- Bad Debts - amounts that you do not expect to ever collect
- Insurance (liability and disability, life insurance is not allowed)
- Interest on money borrowed to run the business (get a statement from
- Business taxes paid to local municipalities, fees, licenses, dues,
- Business related memberships and subscriptions
- Office expenses (including, postage, business cards, stationery, telephone
and other supplies)
- Supplies under $ 500 for any one item.
- Accounting (for example,Burlington Tax Services)
legal, collection and consulting expenses
- Rent (if you had a store or if you rented a locker in 2016)
- Maintenance and Repairs, Leases of equipment, computers, etc.
- Salaries (including the employer's contribution to CPP/QPP, EI, EHT,
- Travel expenses such as taxi, trains, airlines, car rental, buses and
- Business Telephones (you are not allow to deduct the phone line in your
home), cellular phones, pagers, etc.
- Other expenses such as utilities in your store, etc.
- Purchases of any supplies over $ 500 each such as computers,
printers, furniture, software, etc.
- Delivery, freight and express, couriers
- Equipment rental
- Bank charges, credit card charges
- Conferences and Meetings
- Equipment rental
- Premiums paid for coverage under a private health services plan
- Car mileage (it is very important to keep a daily log of business and
- How much you spent in gasoline in 2016
- Car repairs
- Car Insurance
- Leasing costs if you do not own a car
- How much to spent to buy your car and in which year (if car is not
- Car License
- Automobile Club
- Parking fees
- 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)
- If you have an office in the house:
- How much did you spend to heat the house in 2016 ?
- Electricity for 2016
- House insurance
- House maintenance such as painting, house repairs, etc.
- Interest on the mortgage (the bank should have sent you a statement in
- Property taxes on the house
- Other expenses, for example cable TV if you have a daycare business