Getting Prepared
Gather Receipts
- Find all of the receipts for items you've purchased throughout the year
- Collect all of your utility bills, mortgage statements, etc
- Print any credit card statements for cards used for dayhome expenses
DIVIDE EXPENSES INTO CATEGORIES
- Go through each expense and determine the correct category (food, supplies, etc).
- Input the expense information accordingly
- Print any credit card statements for cards used for dayhome expenses
TAX TIP
ADSN has several helpful Tax Spreadsheets that list each of the potential categories you might use when organizing your expenses.
TOTAL UP YOUR INCOME
- Tally up all income recevied from dayhome activities (even if a receipt was not provided to parents)
- Don't forget to include deposits not yet returned
- Print any credit card statements for cards used for dayhome expenses
determine business use of home calculation
- Calculate the square footage of your home that is used for dayhome - as well as the total square footage of your home
- If your dayhome space is integrated with your family's living space, write down how many days per week you are open, as well as the number of hours per day
- Print any credit card statements for cards used for dayhome expenses
TAX TIP
ADSN has a helpful business use of home calculator inside Tax Spreadsheet Ver1.
DECIDE IF YOU'LL TACKLE YOUR TAXES ON YOUR OWN OR HIRE A PROFESSIONAL
- If you feel that you can accurately capture all of the deductions available to you as a self-employed individual - you may want to tackle your income tax return on your own
- If you're feeling like you might need a bit of extra help - check out our list of trusted accountants inside the ADSN Portal.
For next year
SET ASIDE FUNDS TO HELP MAKE TAX PAYMENTS MORE MANAGEABLE
- Consider setting aside 15-20% of your monthly income to help pay your income taxes at the end of the year.
SORT EACH MONTH
- Grab yourself an accordian folder from the dollar store and create tabs for each expense category. Each month organize your receipts into the correct category to help keep you on top of things
Resources
Check out these helpful resources below for a stress free tax season. Income tax returns for the self employed are due June 15.
Canada Revenue Agency (CRA)
Daycare in your home. This is were you can find information on how to report your income, claim expenses and issue receipts.
Tax Training
Join CPA Kathy Jo Matthews for an informative hour all about dayhome taxes.
We’ll discuss tracking revenue & expenses, how to stay organized, when to file, and MORE.
Tax Cheatsheet
Not sure which expenses you can claim or how the calculation works for figuring what portion of your utilities can be claimed? Check out this tax cheatsheet!
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