Are you an Employee and Not Sure on What you can Deduct?

Are you an employee?  Confused about whether you can deduct expenses?  As an employee you are generally restricted from deducting a lot of expenses which a business owner could claim that is for business purposes. However, if you are a sales professional or a real estate agent that works on commissions basis, you may be able to minimize your taxes by claiming some expenses that helped you generate those commissions.

We come across many sales professionals that weren't aware that they could deducted expenses that actually incur that are related to their employment.

The first step that most of these commissions based employees have not done was to approach their HR manager and have form T2200 Declaration of Conditions of Employment signed off by their employer.  This will allow commissions based employees deduct expenses that are related to their employment that have not been reimbursed by their company.

Once this form is signed, commissions based employees can deduct common items such as traveling expenses such as motor vehicle expenses or parking, cell phone costs for employment purposes, meals and entertainment, lodging, etc.

For more information on whether you can deduct some expenses and minimize your taxes, please contact an MP Group professional.

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