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#EveryoneNeedsaPlan: Substantiating Tax-Deductible Expenses

Posted by Dean McKinnon on 26 April 2024

To claim the deduction the expense must be ‘substantiated’ – i.e., prove the expense was incurred

  • Invoices and receipts are the best way to prove the expense
  • Work-related expenses must be related to the ‘work’ – e.g., if the taxpayer’s job requires them to have a mobile phone
  • Credit card and bank account statements may not provide sufficient ‘proof’, so don’t rely on them
  • Tip: obtain invoices and receipts for all expenses that you think may be related to your work & have your Tax Agent advise which ones are deductible
Author:Dean McKinnon
Tags:Tax

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