Over on the VAG Forum, withoutaboat shared a link to a video. I thought it fitting to post it here seeing that tonight marks the 82nd Academy Awards, also known as The Oscars. The video speaks to how formulaic a film tends to be to win an Oscar. It’s embedded below fr your viewing pleasure.
Speaking of the Oscars, Toronto Sun reports that there are a total of 17 nominations amongst 13 Canadians which is a record number of nominations for us with the maple leaf. But it looks like we won’t be winning most of those. Read the full Toronto Sun article to find out why.
Taxes. Every year I learn something new I wish I had known years prior. And this year is no exception. During a very in depth interview with Mark Yoshihara, CA of Backspin Entertainment Business Services, we discuss what you can and cannot expense and a few tricks to stretch those expenses further. So grab yourself a cup of coffee and a comfy chair, because we cover pretty much almost everything.
Editor’s Note: This article is intended to provide you with general tax information and should not be used as your only source of information. You should always seek the assistance of a professional familiar with your own personal circumstances for tax and financial advice.
Promotions/Marketing
This includes IMDB, Castingworkbook, demo CDs or DVDs, correct?
Yes, anything that you do to promote your business is considered a marketing expense. If you were to place an ad on the billboard, that would be an expense. Any business cards or anything you use to promote and advertise your business would qualify.
Portion of Rent
How exactly does writing off a portion of your rent or mortgage work?
It’s based on what percentage of the home space you use for a workspace. The percentage is calculated by dividing the area of your office space by the area of your entire home. Generally speaking, it works well if you had an empty room set up as an office. Then you use that percentage to calculate the business portion of rent, mortgage interest, property taxes, insurance, utilities, strata fees & repairs and maintenance. One thing to keep in mind if you own your home, do not amortize it for business because when you sell, it will affect your tax free principal residence status.
Internet
Because the internet is generally for both business & personal use, you want to determine what percentage is actually used for business.
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