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Back Yearly totals needed to prepare a business/commission tax return

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  1. Name of business
  2. Total income for the calendar year 2007
  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 2007 and on December 31, 2007
  5. Amounts paid to a subcontractor
  6. Advertising
  7. Bad Debts - amounts due to you that you do not expect to ever collect
  8. Business taxes paid to local municipalities, fees, licenses, dues,
  9. Business related memberships and subscriptions
  10. Delivery, freight and express, couriers
  11. Equipment rental
  12. Insurance (fire, theft, liability)
  13. Interest on money borrowed to run the business (get a statement from the bank), bank charges
  14. Maintenance and Repairs, Leases of equipment, computers, etc.
  15. Management and Administration fees paid to other companies
  16. Meals and entertainment (write on the back of the receipt the name of the person you invited)
  17. Office expenses (including, postage, business cards, stationery, telephone and other supplies)
  18. Supplies under $ 500 for any one item.
  19. Accounting (for example,Burlington Tax Services), legal, collection and consulting expenses
  20. Rent (if you had a store or if you rented a locker in 2007)
  21. Salaries (including the employer's contribution to CPP/QPP, EI, EHT, etc.)
  22. Travel expenses such as taxi, trains, airlines, car rental, buses and hotels
  23. Business Telephones (you are not allow to deduct the phone line in your home), cellular phones, pagers, etc.
  24. Other expenses such as utilities in your store, etc.
  25. Premiums paid for coverage under a private health services plan
  26. Purchases of any supplies over $ 500 each such as computers, printers, furniture, software, etc.
  27. Convention expenses
  28. Car mileage (it is very important to keep a daily log of business and personal mileage)
  29. How much you spent in gasoline in 2007
  30. Car repairs
  31. Car Insurance
  32. Leasing costs if you do not own the car
  33. How much to spent to buy your car and in which year (if car is not leased)
  34. Car License
  35. Automobile Club
  36. Parking fees
  37. 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)
  38. If you have an office in the house:
  39. How much did you spend to heat the house in 2007 ?
  40. Electricity for 2007
  41. House insurance
  42. House maintenance such as painting, house repairs, etc.
  43. Interest on the mortgage (the bank should have sent you a statement in January 2007)
  44. Property taxes on the house
  45. Other expenses, for example cable TV if you have a daycare business

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