Business write offs .. expense reports

[massageseeker]

I love finding places on the road that give you restaurant reciepts for lap dances and fun etc ...

I know there are a few here .. but list get a list going , SP's or Exotic show lounges etc etc .. where you can get a reciept for your fun that doesnt say ..... DRAKE SHOWROOM ETC

 

[Gandalf]

No 5 Orange

Comes up as Apache Jeans on the Amex - Gotta love that!

 

[gymguy]

The French Maid in Calgary comes up as F&M Restaurants.

 

[massageseeker]

Yeah but Apache Jeans is not a restaurant - hard to say I took my client for dinner

 

[Passion]

Paramount

In New Westminster - comes up Joe's Grill

 

[BobbiVan]

Reciept

I have a legitimate business with a GST number...

It's a Virtual Assistant company, I'm sure that's a write off of some sort. In some cases, you could probably get your boss/company to pay for it. haha

All I need is a new version of Quickbooks.....

$50 off a 2 hour session for the first person to bring me a legitimate copy.

 

[vancouverman]

Bobbi .... there are no current QB CANADIAN versions available on the NET for download ( at least not when I was looking for it few months ago ). Lots of US ones.
But.. and here is the kicker .... they went down in price this year, my PRO version was like $110 ( couple of years back, was way over 300 ) , so the regular version will be even less for sure.

Check Staples .... check Future Shop or LD ... let me know what they want to charge ... maybe I can find somewhere a good dealer price.

 

[BobbiVan]

well

I want someone else to bring me one. It'll be like a present! I love presents! they make me SOOo happy.

 

[Chingada]

I have a legitimate business with a GST number...

It's a Virtual Assistant company, I'm sure that's a write off of some sort. In some cases, you could probably get your boss/company to pay for it. haha

All I need is a new version of Quickbooks.....

$50 off a 2 hour session for the first person to bring me a legitimate copy.

Do you accept business cheques for your services?

 

[vancouverman]

I want someone else ......

I know... I know..... I'm not good enough for you

 

[vancouverman]

bobbi...you should be mindful that when you give out a business receipt, you are taking that income into your company...which then has to pay tax on it... sort of eliminating the value of being an all cash business.

but ... if this can bring enough extra customers .... it might offset the loss

 

[BobbiVan]

i'm fine with that

bobbi...you should be mindful that when you give out a business receipt, you are taking that income into your company...which then has to pay tax on it... sort of eliminating the value of being an all cash business.

I'd rather let the government know I'm making money... that way I'm earning credit, establishing a business, and when I'm ready to start my other business, I'll be able to get the neccessary business loans.

In all honesty, I want to pay taxes.. it's better for me in the long run...

 

[noneasgood]

I'd rather let the government know I'm making money... that way I'm earning credit, establishing a business, and when I'm ready to start my other business, I'll be able to get the neccessary business loans.

In all honesty, I want to pay taxes.. it's better for me in the long run...

Very mature answer. Financially speaking, your credit rating is perhaps the most valuable thing you own. Over the years I've bought multiple businesses and multiple properties all on credit. In some cases 100% was bought on credit.

 

[The Real Tiger]

Smarts like that just got you moved to my A-list!

I'd rather let the government know I'm making money... that way I'm earning credit, establishing a business, and when I'm ready to start my other business, I'll be able to get the neccessary business loans.

In all honesty, I want to pay taxes.. it's better for me in the long run...

Bobbi,

Well managed is best both for you and your clients... I commend you on your choice.

I guess you are awaiting A-list status actually until I can confirm you... only two others have ever had the smarts and grace to make my A-list.

...

 

[Maury Beniowski]

All I need is a new version of Quickbooks.....

Have you considered the Canadian version of Simply Accounting?

It is the Gold standard for small business packages.

It's based on AccPac, the big Pro system.

Very well priced, and featured as well.

 

[Dr.Nick]

Getting back to the initial question, are you not allowed a certain amount of non-receipt(?) expences. I am not an accountant nor know much about this. I have an assistant and then send it all to my accountants. I do seem to recall someone telling me that CRA does recognize that there are a few occasions in a businessperson's year where a receipt isn't obtained. In these cases a note of the date, amount, name of business and reason is accepted by CRA, as long as you don't get too greedy or stupid. Depending on your income, business, and expenses you may be able to slip the odd SP visit in as a restraunt meal with collegues.
Or then again I could be totally full of shit. Any accountants out there?