Discussion:Accounting Business Help

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Discussion Forum Index --> Accounting Questions --> Accounting Business Help

Anthony90 (talk|edits) said:

22 October 2007
Hello, I live in Canada, Ontario. I am researching in opening up a new Media Business. Some of the expenses would be things such as a High End Digital Camera, Phones (iphones, blackberry etc.) After registering the business and purchasing these products how would I go about claiming them as a business expense?

Also, If I were to get a company car, I know that you must calculate how much you actually use that car for business, If I were to put an advertisement on the car such as a link to the company website, would I be able to claim the whole car as a business expense?

Thanks

Uncle Sam (talk|edits) said:

22 October 2007
Why don't you go to an accountant who can answer those questions for you? That's what we get paid for.

Regarding the ad on the car - do you think you're the first person to come up with that idea (and get shot down)?

Anthony90 (talk|edits) said:

22 October 2007
I am just asking for some general help, so I have an idea what I am talking about before I go and pay for an accountant. And no, I dont think im the first person, I asked a question. No need to be rude about it.

Natalie (talk|edits) said:

October 22, 2007
Anthony, did you try doing a search on this site. There is a lot of information about cars and ads on cars. You might also find information about start-up companies. Try the little yellow box on the left.

Uncle Sam (talk|edits) said:

22 October 2007
I don't know what the Canadian tax rules are, but from IRS Publication 463, P. 15

Advertising Display on Car - Putting display material that advertises your business on your car does not change the use of your car from personal to business use. If you use this car for commuting or other personal use, you still cannot deduct your expenses for those uses.

Clear enough?

Bottom Line (talk|edits) said:

27 October 2007
Most of us deal only with US tax laws and don't know anything about other countries. Therefore we are hesitant to answer your questions although they seem very basic. (We don't want to give you the wrong advise.) Since you want to educate yourself before you find an accountant, you may want to visit a bookstore or library. They have a wide selection of books on starting businesses and some will be specific to Canada.

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