Accotax

 Private-owned cars are covered under business use car insurance for certain aspects of work-related driving, such as travelling to clients and between work locations. Which 'class' of business use you need depends on the type of work-related driving you perform, and you can extend coverage to include coworkers or employees. We'll go over what's covered and how to evaluate if you need business car insurance in the sections below. What is Business Car Insurance, and How Do I Get It? Business car insurance is similar to conventional automobile insurance, with the exception that it also covers work-related driving. Business car insurance, in particular, might cover your personal vehicle while you drive to see clients, commute between work locations, or conduct sales calls. You can even hire someone to drive your car for you while you're away from the office. Cars owned by the corporation are not covered by business automobile insurance (they should be covered by com...

 It's one of the most often asked questions, and it's easy to see why. The distinction between a CAPITAL expense and a REVENUE expense is often misunderstood by landlords. Identifying the difference between a repair and an improvement, as well as only claiming mortgage interest rather than capital repayments on loans. The popular belief is that because you invested money in your home, you should be able to deduct it from your rental revenue. Beware…! Some expenses are never eligible for tax relief. Some expenses can only be deducted from the profit when the property is sold. When computing taxable income, some expenses can be deducted from rental revenue. Some expenses may not be deducted, although they are subject to special rules. Let's take each item one by one. When you purchase a home, there are a few things to consider. The costs and expenses of the purchase are included in the purchase price and cannot be deducted from rental revenue. We recommend that you make a sho...