In today’s digital age, leveraging computers and technology has become an unavoidable cost of running a business. Computer supply expenses are incurred as a result of purchasing and maintaining computer hardware and software.
Are you having trouble determining which expenses can be categorized under Computer Supplies? Don’t worry, we are here to help! Our online bookkeeping services help us cover the complete range of your financial activity including tracking transactions, maintaining accounts, and monitoring cash flow.
As a businessperson, it is extremely important to leverage deductions offered by the CRA to retain more of your hard earned money. However, it is not a simple thing to do without the help of a competent accountant, who is experienced in your niche. CPA4IT’s team of experts have developed years of experience defending legitimate deductions you are entitled to.
Make sure to read the entire article to know which of your computer supply expenses are deductible from your income.
What can be deducted under the Computer Supplies expense?
You can record all computers related expenses under $500 each excluding taxes. Items over $500 each are classified as assets and are covered under Fixed Assets. Deductible expenses include:
· hardware and software items under $500
· printer ribbons or toner
· printer paper
· computer repairs
· Storage devices i.e. USB drives, cloud storage fees.
· computer club charges
We understand that making these deductions can be tricky without the help of an experienced accountant in your industry. CPA4IT’s proprietary tools efficiently categorize your deductible and nondeductible expenses, making your tax season stress free! We also offer Audit Protection Services to our clients. This helps us to defend your rights in case the CRA comes knocking at your door.
Looking to learn more about our services? Make sure to book a FREE consultation with our experts to discuss this further