Canadian Tax question

**d-null** · 05-31-2009, 09:58 PM

Originally posted by Socks

Just going through and setting a lot of sites to 0 here, and I had a thought.

If we paid someone to write a review for us, and the site goes offline, can we now write the cost of the review off as a loss?

Maybe?

why wouldn't you be able to? any expense that is directly related to business is an expense vs. income

what are you asking exactly as far as "writiing off as a loss"? strange use of terms, because an expense is just an expense, not necessarily a "loss"..... if your entire business loses money and you try to write off losses from other income, especially employment income, then you are in a whole different situation and that brings up other issues with the taxman

**jakethedog** · 05-31-2009, 10:03 PM

Canadian here ..
You can write off everything you spend on promotion and marketing of your business ..on or off line .. keep your paperwork and bank statements .. I only use checks, wires from my account and CC to pay people so I have a very long paper trail .. rather pay my taxes than deal with an audit ..

**Socks** · 05-31-2009, 10:03 PM

Originally posted by d-null

why wouldn't you be able to? any expense that is directly related to business is an expense vs. income

what are you asking exactly as far as "writiing off as a loss"? strange use of terms, because an expense is just an expense, not necessarily a "loss"..... if your entire business loses money and you try to write off losses from other income, especially employment income, then you are in a whole different situation and that brings up other issues with the taxman

Hrm maybe not then.. I mean it was an expense when we paid for it, how can it be an expense twice?

**Socks** · 05-31-2009, 10:05 PM

What I was thinking is that the review is an "asset" in a sense, and so since we've been forced to lose the use of our asset through no fault of our own, can we not claim that somehow?

**xxxdesign-net** · 05-31-2009, 10:05 PM

Originally posted by Socks

Hrm maybe not then.. I mean it was an expense when we paid for it, how can it be an expense twice?

its an expense once... whether it works or not... revenue minus expenses

**EuroRevenueUSA** · 05-31-2009, 10:08 PM

Originally posted by xxxdesign-net

its an expense once... whether it works or not... revenue minus expenses

Agreed!

**Socks** · 05-31-2009, 10:09 PM

Originally posted by xxxdesign-net

its an expense once... whether it works or not... revenue minus expenses

but but but... what about the loss of my asset?!*(#^

**woj** · 05-31-2009, 10:28 PM

Originally posted by Socks

What I was thinking is that the review is an "asset" in a sense, and so since we've been forced to lose the use of our asset through no fault of our own, can we not claim that somehow?

Don't be foolish dude, you can't deduct more than you paid for it...

so you buy a computer for $1k, it breaks in a week, and you want to deduct $2k?

Canadian Tax question

Canadian Tax question

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