Tax season is around the corner, two things that will make your year
By Wes | February 21st, 2010
Congratulations Bill! Now you're a write-off. Oh Yeah!
I’ll also tell you how you can write off 100% of any new computer you buy if you’re self employed (in Canada) and not over a 3 years period, I’m talking get it ALL back after this April. But first, I want to talk about your book keeping and tracking expenses because a new app just hit the market that’s as convenient as they come.
Here in Vancouver money is flying out of pockets while the Olympic party rages on, I’ve seen it firsthand, I’ve been a part of it. With tax season coming soon it’s more important than ever to track all our expenses and have everything organized and ready to go, unless you enjoy spending hours at the home office or kitchen table sorting through receipts. Wouldn’t it be great if you could just take a photo of your dinner or gas or office supplies bill with your phone and have it upload automatically to your book keeping program? That’s exactly what these guys thought, and so they created Just the Bill.
Just the Bill is a great example of the old adage “Necessity is the mother of invention”. It’s a simple, effortless service and is compatible with your Blackberry, computer, and soon with iPhone, cell phone and mobile web. Simply take a photo of your receipt from your camera-phone and expense it through this mobile application. Your receipts will then be tallied in your book keeping program- I prefer simply accounting.
Though this app is great for a business of any size it’s no surprise that in a city like Vancouver, a cornucopia of entrepreneurial enterprise, new applications particularly attractive to small business owners are now thriving.
NOW, about writing off 100% of your new computer.
Computer equipment and software purchased for business have just become a lot more affordable. Changes to the Capital Cost Allowance rules for such equipment purchased after January 27, 2009 and before February 1, 2011 (Class 52) are aimed at helping small businesses in particular. The Capital Cost Allowance rate has been increased to 100% from 50% and the standard half-year rule does not apply temporarily. You can fully write off a computer and systems software in the same year you purchase it.
I hope that these two little bits of information help you and your business to grow. For more information about custom small business application development go here. Oh and what was the second thing that was going to make your year as far as taxes are concerned? Well if you’re a small business in BC it’s this, in case you didn’t already know.
Have a custom web application you need built? Contact Thirdi today!
Related posts:
- Our Little Secret
- Small business word of the day SIMPLIFY
- Facebook sues again…Finally reports a profit year!
Tags: 100% computer write-off, Book keeping, business expense write-offs, Capital Cost Allowance rules, CCA, expense organizing app, Just the Bill, Olympic Games business expense, Small business accounting, Tax season, Vancouver small business, writing off your computer
