It is truly beautiful in Calgary's backdoor.
So for the next few months I'll try to keep the discussion relating to personal taxes to help you all out. This week I'll discuss employment expenses.
In 2010 if you were a salaried employee or commissioned employee and you were required to incur certain expenses to conduct your job, you may be eligible to deduct those expenses on your personal return.
The first step is to have your employer file and sign a for T2200. This form is a statement from your employer that declares your employment conditions. For example if you were required to work away from your regular place of business and had to incur vehicle expenses, purchase you own supplies as well as work from home, this declaration would allow you to deduct those specific employment expenses on your tax return. Here is a link to the form T2200
Now if you qualify and your employer has signed the T2200, on your return we can deduct expenses such as:Professional fees, Travelling expenses, Supplies, Office Rent, Allowable motor vehicle expenses, Parking, Salary expenses, and work space in the home expenses.
As a commissioned employee you can deduct the above expenses and additionally:Advertising, Food and beverage, Entertainment, Lodging, Licenses, Training costs and few more expenses.
Keep in mind that the qualifying expense must meet certain criteria, such as time away from your regular place of business, home office qualifications, and hours worked to qualify for meal expenses.
So if you regularly have to incur expenses to earn your employment income you may qualify to deduct those expenses on your personal tax return. As mentioned this requires certain forms to be completed and certain criteria to be met. Contact your accountant to discuss your options.
Have a great week, stay warm and bring on the spring already.
Hiç yorum yok:
Yorum Gönder