Trinatree Posted June 10, 2022 Report Share Posted June 10, 2022 Hi. Doing home based business taxes. We are sitting at about negative $20k for the business due to startup costs etc. I have deferred the CCA expenditures(limit the cca for 2021), but regarding the other expenses, like office expenses, professional fees, subscriptions, maintenance, supplies etc, things needed to carry on the business, I am wondering if all the expenses will be wasted with no benefit from them due to the lack of income last year? How should I proceed? I already have them input into the program so should i just remove them and can I claim them next year??? Any help would be great! Thanks in advance Quote Link to comment Share on other sites More sharing options...
TheTaxSmith Posted June 13, 2022 Report Share Posted June 13, 2022 Check your messages. Quote Link to comment Share on other sites More sharing options...
Geo123 Posted June 15, 2022 Report Share Posted June 15, 2022 Hello Trinatree, Generally speaking, expenses must be claimed in the year you incur them i.e. matched to revenue. However the loss can be claimed against current year overall income. Quote Link to comment Share on other sites More sharing options...
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