Home Office Deduction: If you use part of your home exclusively for business purposes-and your home is the principal place of your business-you may be able to deduct a percentage of home costs related to your work.For tax years 2018 through 2025, you can take a combined total deduction of $10,000 ($5,000 for married couples filing separately) for state and local income, sales, and property taxes. Property Taxes: One of the most significant changes the TCJA made was to limit deductions for property taxes and other state and local taxes (SALT).Instead, you typically deduct them over the life of the loan. In general, you can't deduct the full amount of points in the year you pay them. ![]() You can deduct points associated with a home purchase mortgage. One point is equal to 1% of the total amount you mortgage. Points: Lenders may charge points in exchange for a better interest rate.The $1 million limit is scheduled to return in 2025. 15, 2017, you can deduct mortgage interest on the first $750,000 of the loan. 16, 2017, you can deduct mortgage interest payments on up to $1 million in loans used to buy, build, or improve your first or second home. Mortgage Interest: If you bought your home before Dec.You can then leave the rest to our bookkeeping team. All you have to do to be in the process is file the receipts properly. If scanning is too much of a bother you can always log on to the ‘SmartVault’ app take a picture and just upload it onto the cloud server instantly.Ĭloud-stored data can always be accessed by you in a presentable format, on the ‘Quickbooks’ software maintained by our competent bookkeepers. We maintain all our clients with the ‘Fijitsu Scan Snap’ allowing them to just send across all their data to us the moment it is contrived. With our encrypted scanning devices and our advanced cloud storage options your data can be furnished to our bookkeepers in just a blink of the eye. We are an organization that is trying to implement new technologies such as mobile apps, robust scanners and online cloud storage. Not sure, how to go about it? It’s pretty simple. With Virtuous by your side, you can now just scan and store your data in the cloud. Virtuous is your answer to all these issues. ![]() Reconcile these with monthly statements.įor a year or more – Loan documents, vehicular titles until sold, investment papers in bonds, stocks, mutual funds and everything else related to investment purchase confirmations, until sold.įor seven years – If there is a failure to report more than 25% of the gross income on tax returns, the government has 6 years to collect this pending tax before they start legal proceedings.įorever – Birth and death certificates, marriage and divorce decrees, life insurance policies, estate-planning documents along with an inventory of the bank’s safe deposit box. () How exactly do they need to be Submitted?įor less than a year – ATM receipts, credit-card receipts, bank-deposits, investment documents and insurance policies. Documents which will furnish safe handling in this case will include expense receipts and “T4s that record employment income and at-source deductions and receipts for charitable donations”. Tax records include returns and other supporting documentation used to prepare these reports. The six-year period begins when you submit at the end of the tax year till the date to when the records are due to be submitted. As per CRA, any tax record must be maintained by an individual for a period of 6 years. Maintaining your tax record is an integral part of supporting any information you have provided to the CRA. Period of limitations which apply to Income Tax Returns Unorganized paperwork can lead to tax penalties and disallowed expenses. Lastly, neat and complete paperwork is a better way of furnishing the data to appropriate authorities. CRA audits avert any financial hazards that might arise in the process.The CRA audit means generating heaps of paperwork properly arranged according to the dates on which the data was gathered for proper presentation. ![]()
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