Daily Tax Tips – Are you prepared for 2020??
Day 1 – Car expenses you can claim as an employee!
As an employee, you can claim tax deductions for your motor vehicle if you use it for work purposes. These include transporting tools and equipment, travelling between workplaces & travelling away for work (“business kms”).
You can choose from two methods to receive the highest tax deduction – being a set rate method that may allow you to claim up to 5,000 business kms or $3,300, or a logbook method which requires you to keep a logbook for a 3-month period – but may result in tax deductions.
If you use your vehicle regularly for work purposes, we recommend that you keep a log book. If you only use your vehicle occasionally for work purposes – then the set rate per km method may be more suitable.
At QC Accountants we are always here to help & we will assist you to use the most appropriate method to ensure you receive the highest possible refund. Contact us today at firstname.lastname@example.org.