Tax time is here, which means that in addition to getting ready to file your tax return, you are also already one-quarter into your next tax year. To say this time of year is hectic might be an understatement.
Free time is precious, and every minute counts, so making sure the right choices are being made at the right time can be the difference between success or mediocrity.
Take into consideration this scenario:
You have a very big business meeting tonight and you really want, you really need, to impress your prospective clients. The success (or failure) of this meeting could be the difference between achieving your life-long goals, or struggling to make ends meet and living pay-cheque to pay-cheque.
You have very little time to prepare, and you want to leave a really positive appearance, so you pop into the neighbourhood Loblaws grocery store and pick up 5 items for the meeting;
- A serving dish from the housewares section – something economical but classy, which you are going to use going forward solely for your business as a candy dish to hold treats for your clientele. Nothing says you are welcome here than having a little treat available while waiting for the meeting. Same hold true for bottled water.
- A variety of H’ors Doeurves to serve – any from this list (because they all look good) – like these ones, or maybe all of them… Yum.
- Some office supplies to have available at the meeting so that the participants can take notes, brainstorm and put down in writing the details of the contract you really want, and need.
- A bottle of washer fluid to add to your vehicle so that you can keep your windshield clean on your way home. Since your vehicle is being used for business and in the course of running your business you are entitled to claim vehicle expenses.
- A bottle of champagne for the celebratory toast once the contract is signed, or maybe a package of 4 towels which could be used as crying towels should it not go your way. In both these cases, they must be used for the purpose of earning a profit in your business and can not be used for other means.
Don’t forget your copy of TurboTax so that you get your tax return completed, on time, and claiming the maximum deductions possible.
What’s really cool about this shopping list is that if they’re being used for business, they may all qualify as all tax deductions for self-employed Canadians, so make sure that you keep your receipts!
What makes these all eligible deductions is that they are not regular purchases – you’re not buying food and wine every day – all the purchases are intended to assist you in the earning of income in your business and being self-employed, you kept your receipts.
The story ends with the popping of the champagne, and the successful signing of the contract, followed by the successful filing of your tax return.
TurboTax guides you through a list of over 400 potential deductions and credits to ensure that you are claiming everything that you are entitled to – and maximizing your refund.
TurboTax, available at Loblaws and Real Canadian Superstore.