Business Tax Attorney

Renovation Tax Credit

If you meet certain eligibility requirements, you may be entitled to a refundable tax credit for the 2009 taxation year for expenses incurred under a residential renovation agreement entered into in 2009 for home improvements or renovations.

The tax credit is equal to 20% of the eligible expenses in excess of $7,500. The maximum amount of eligible expenses is $20,000 for a maximum credit of $2,500.

Calculator

To obtain an estimate of the tax credit for home improvement and renovation that you could be entitled to for the 2009 taxation year, use the calculator available on the website of the Ministère des finances.

Eligibility requirements

To be eligible for the refundable tax credit for home improvement and renovation, you must:

* Own an eligible residential unit located in Québec
* Have the qualifying work for improvement or renovation carried out at your principal place of residence
* A qualified contractor must be hired to carry out the work under the terms of an agreement entered into after December 31, 2008 and before January 1, 2010.
* The expenses incurred to carry out the work must be paid no later than June 30, 2010.

Eligible residential units

An eligible residential unit is a residence built before 2009. The individual who incurs the home improvement or renovation expenses must be the owner (or co-owner) at the time the expenses are incurred. The residential unit must not only be the owner’s principal place of residence, but also:

* an individual house
* a manufactured home or a mobile home permanently installed
* a unit in a building held in divided co-ownership
* an apartment in a building held in undivided co-ownership or held by a sole owner

Qualifying work

Qualifying work that gives entitlement to the refundable tax credit for home improvement and renovation consists of:

* the renovation, modification, improvement, conversion or expansion of an individual’s eligible residential unit, including the addition of structures adjoining or incidental to the unit
* the work needed to restore a lot to its condition before the work described above was carried out

Examples of qualifying work

Division of rooms (knocking down walls or additio
1000
n of partitions)
Finishing of a basement, attic or garage
Installation of a fireplace, a heat pump or an air conditioning system
Installation of an alarm system or home automation system
Insulation (including for a garage)
Replacement of the plumbing, electrical system, heating system, air exchange system
Replacement of the roofing, rainwater gutters and chimney
Replacement of doors and windows
Replacement of sewage treatment systems (septic tanks and septic field)
Renovation of a kitchen, bathroom, washroom
Expansion of a house built before 2009
Construction work on structures adjoining or incidental to a house built before 2009

Examples of non-qualifying work

* Landscaping, other than to restore the lot to its condition prior to the recognized work
* Construction of outdoor play equipment o
* Interior decoration (decorator’s service)
* Erecting or repairing a fence, low wall, etc.
* Drilling a well, installation of a septic tank and septic field
* Installation of household appliances
* Installation of a swimming pool, sauna, hot tub, etc.
* Refurbishment of access points (footpaths, driveway, etc.), unless made necessary as a result of the recognized work
* Work aimed exclusively at repairs (repairing a leak, a door, etc.) or maintenance (application of paint to walls solely to spruce up the appearance)

Qualified contractor

The contractor must, at the time the agreement is entered into between the owner and the contractor, be a person or partnership with an establishment in Québec. Must not be the owner or co-owner of the eligible residential unit, or the spouse of one of the owners of the eligible residential unit at the time the home improvement or renovation work is carried out hold an appropriate licence issued by the Régie du bâtiment du Québec. Note that an individual who carries out the improvements or renovations on his or her own principal place of residence may
not claim this tax credit.
Claiming the credit

You may claim the refundable tax credit for home improvement and renovation on your 2009 income tax return if you are resident in Québec on December 31, 2009. You must send with your return a form indicating all of the information related to the work carried out, such as:

* a description of the work
* the cost of the work
* the registration number assigned under the Act respecting the Québec sales tax (QST) to the person who carried out the work
* the licence number issued by the Régie du bâtiment du Québec to the contractor carrying out the work (if applicable)

It is not necessary to provide your receipts or supporting documents when you file your income tax return. However, you must keep these documents for six years following the year to which they apply as Revenu Québec could audit you regarding this credit.

Documents

IN-179-V

Tax Credit for Home Improvement and Renovation

Important Note

These texts on the said programs from Canada or Quebec are provided for information purpose only; you must consult the official Canada http://www.cra-arc.gc.ca/tx/ndvdls/sgmnts/hmwnr/hrtc/lgblty-prd-eng.html and Quebec http://www.revenu.gouv.qc.ca/eng/particulier/impots/impot/credit_remb/renovation/index.asp Internet sites and documentation to make sure you qualify. We decline all responsibility in regard to any error or omissions, the readers are responsible to check this information directly with the proper government agencies.

By: alvi

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Running a home based business reaps many wonderful tax deductions that other businesses some times may not claim. Unfortunately to many small business owners end up paying the government taxes every year because they are unaware or several small business deductions that are available.

Most of the time any expenses that are related to your business can be added as a deduction on your taxes. If you do not pay taxes through out the year, deductions can help you from paying a large amount of taxes each year and can also adjust earned income. Try to avoid paying large amounts of taxes or owning any money by keeping track of simple things!

Each business is a bit different so be sure to mention these ideas to your tax adviser or accountant to see if your business can qualify for these deductions.

1- If you join any business or purchase into any franchise, the expenses such as kits, or franchise fees may be claimed as a deductions. Receipts for these business start-up costs should be saved.

2- Business Supplies. Be sure to save all receipts for any supplies you purchase for your business use. Computer paper, business cards, pens, catalogs, brochures or any items you purchase and use for your business.

3- Advertising- Most advertising can be claimed on your taxes. Keep all receipts for any newspaper ad’s you may run, banner advertising, or any advertising you do online. Advertising is a business expense and in most cases can be written off.

4- Items Given Away- Keep a list of any items you may give away, and the costs of these items. Most freebies may also be written off.

5- Phone Bills and Internet Access- If you have a phone line for business use or have the internet in your home or office for business use, save all receipts for each bill paid. These items are business expenses and may also be written off.

A cell phone that is used for business is also a deduction.

6- An In Home Office- If you have an office in your home, make sure to let your tax adviser know. Using a room in your home as an office can also be added on taxes.

7- Long Distance Calls- If you make any long distance calls that are related to your business, make sure you keep all phone bills showing the calls and the amounts charged. If these calls are related to your work, the cost of the calls may also be written off in most cases.

8- Returned Checks and Bank Fees. If you incur any bounced checks from customers and can not collect on them, those amounts may be deducted, along with any fees you were charged from your bank. Be sure to keep the returned check, the letter from your bank and your bank statement to show the fee you were charged.

9- Postage- All postage costs paid by you or shipping fees may be claimed. Keep receipts for all shipping supplies, and postage.

10- Computers & Software- If you purchase a new computer for business use, the cost of the computer may be claimed. Software that you may use for business may also be claimed.

You may also claim depreciation for 3 years after the computer was purchased.

Dan & Tara work from home full time with their home based candle business To learn about a unique business visit http://www.funcandlebusiness.com

Article Source:

http://EzineArticles.com/?expert=Danni_Vickers

Millions of documents slow Madoff employee case – Yahoo! News

NEW YORK – Lawyers for three alleged cohorts of disgraced financier Bernard Madoff say their case is mired in a mountain of potential evidence.

The paper trail consists of millions of documents seized from Madoff’s records following the collapse in 2008 of his epic fraud.

A pretrial hearing was held Monday in federal court in Manhattan for Daniel Bonventre, Jerome O’Hara and George Perez. A defense attorney called the evidence “a massive, amorphous blob.”

Prosecutors told a judge they had created a database so the paperwork can be searched. They offered to give the defense a tutorial.

Madoff is serving a 150-year prison sentence after admitting that he operated a Ponzi scheme for at least two decades. He admitted cheating thousands of individuals, charities, celebrities and institutional investors out of billions.

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