Thinking of Starting a Business?
Thinking of Starting a Business? Here’s What You Need to Know. Starting your own business is an exciting milestone but it’s important to understand what it really means to be “in business,” especially when it comes to your tax obligations. Note: This information is for general guidance only and may not suit your individual circumstances. […]
Build Strong Business Habits for Long-Term Success
Running a business successfully requires more than just a good idea—it takes discipline, structure, and the right support. At Elite Tax Success, we know that forming solid business habits can be one of the most important things you do to ensure your business thrives. By embracing digital tools, keeping accurate records, and seeking reliable advice, […]
Individuals and Families – Tools and Equipment
If you use tools or equipment for your job, you may be eligible to claim a tax deduction including repairs, insurance, and even interest on borrowed money used to purchase those items. Note: This information is for general guidance only and may not suit your individual circumstances. Please consult a qualified professional before taking action.
Business Deductions – What You Can and Can’t Claim
Running a business comes with a range of deductible expenses but knowing what, when, and how to claim can make a big difference to your bottom line. Note: This information is for general guidance only and may not suit your individual circumstances. Please consult a qualified professional before taking action.
Own a rental or holiday property? Here’s what you need to know! From day one — Keep records of everything related to your property. Claim smart — Know which expenses you can deduct at tax time. Pay as you go? — You might need to pay tax instalments during the year. Declare it all — […]
Property Investment- Repairs – Tax Fact
If you receive an insurance payout for property repairs, here’s something important you should know. That payout is generally considered taxable income—and it needs to be included in your tax return. Why is that? Because if you’ve claimed repair costs as a deduction, the payout is seen as a recovery of that expense and therefore, […]
Investment Property – Interests- Tax Fact
Are You Claiming Loan Interest Deductions Correctly? Many people don’t realize that loan interest on land purchases is only tax-deductible if the land is used to generate rental income! Example 1: You take out a loan to buy land, intending to build a rental apartment. Since the property will generate income, the interest on your […]
Investment Property – Repairs & Maintenance Tax Tips
Are you Ready to supercharge your rental property’s tax deductions? Here’s a smart tip :- When you’re doing both repairs and improvements on your rental property, always request an itemized invoice! Here’s why :- Repairs – These are deductible right away, saving you money this year. Improvements – These costs can be depreciated over time, […]
INTERESTS- TAX TIP
Are you expecting a drop in income next year? Maybe due to maternity leave or redundancy? Here’s how you can save BIG on tax! Prepay up to 12 months of loan interest BEFORE June 30! Why? If your income is higher this year but will drop next year, you can claim the deduction now—while you’re […]
INTERESTS – Tax Facts
Did you know? If you take a loan to buy a rental property, the interest you pay can be a major tax deduction! 📉 Here’s how it works: If the loan is fully used for the rental, you can deduct 100% of the interest from your taxable income. For example, if you pay $10,000 in […]