It pays to know what you can claim in work-related tax deductions
As an employee, it can be quite difficult to take advantage of tax deductions. Regardless, you may still be entitled to make a claim. Here are just some of the deductions you should investigate. One area is your vehicle expenses provided you didn’t receive a reimbursement or a tax-free allowance, then you may be able to claim the work-related portion of your vehicle costs. Other areas to look are sales expenses if you’re a commissioned employee, the cost of supplies and tools, food and beverage costs, travel costs, home office space, legal fees, assistant’s salary and capital cost allowance on your vehicle. Whether you qualify will depend on certain conditions being met and may require additional documentation from your employer. It’s best to speak to a tax specialist if you’re unclear or need help with your special circumstances.
“If you happen to be an employee, you’re no doubt aware that tax deductions for employees are rare. Still, you may be entitled to claim a thing or two on your tax return this year.”