The following is a list of information needed by most accountants to help prepare your 2018 tax return. By providing information that is complete and accurate ensures that you will receive the best possible refund available to yourself and your family.
This checklist is for both individuals and small businesses that are self-employed.
Business and Self-Employment Expenses
Individuals may deduct all expenses incurred in the conduct of their business, provided they are undertaken to earn income, are reasonable under the circumstances, and not limited or prohibited by certain rules or regulations established with respect to specific expenses.
Examples of business expenses may include all or part of the following:
* Accounting
* Advertising
* Amortization of capital assets
* Bad debts
* Business-related memberships and subscriptions
* Business-related start-up costs
* Business taxes, fees and dues
* Certain group benefits
* Collection (i.e., related to bad debt)
* Convention expenses (up to two a year)
* Consulting
* Delivery and freight
* Disability-related modification expenses
* Equipment rental
* Insurance (fire, theft, liability)
* Interest and bank charges
* Legal light, heat and water
* Maintenance and repairs (other than for passenger motor vehicles)
* Management and administration fees
* Meals and entertainment expenses
* Motor-vehicle expenses (such as fuel, insurance and repairs)
* Home-office expenses (including postage, stationary, telephone and other supplies)
* Property taxes or rent on business property
* Purchases of materials and supplies
* Representation costs to obtain a business-related license, permit, franchise trademark
* Salaries and amounts paid “in kind”
* Specific courses taken to improve business skills
* Subcontractors’ costs
* Travelling expenses (limitations apply to motor vehicles)
* Workspace in the home (when appropriate).
Rental revenue and expenses
Rental Statement revenue and expenses. Excel. PDF. Word, or by hand may be used to send the information.
If this is the first time for the rental statement. Please include all lawyer adjustment documents.
