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The Magic Cafe Forum Index » » Tricky business » » Ontario IncomeTax (0 Likes) Printer Friendly Version

magicguy82
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I am wondering if expenses for props and audio equipement can be put under "supplies" or other expense column for an unincoporated business... or if props need to be depreciated overtime --- I'm not talking stage illusions, just small children magic stuff.
MikeDes
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For smaller equipment and props, say under $300 each, I have always classified them under show supplies. I think that is a reasonable approach that would be difficult to challenge.
magicguy82
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Ya I was thinking that too. just was not sure about my 600$ wireless mic and my 1500$ speakers and stands. hmmm
MikeDes
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If they look at it...and that is a BIG IF, I think that might be a little agressive.
Bill Nuvo
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I think you can claim $300-$500 of it and carry the rest over for the next year for each peice of electronic equipment. Ask you local tax guy to be sure. That's how I did it for my equipment. (It was a while ago so I don't remember the exact data and as we know tax laws change every year).

Day 5
Blair Marshall
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Electronics would have their own depreciation category also.

Plus..do you need the deduction this year, or would you prefer to spread it?

Blair Marshall
"ShaZzam!"
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