Hello, I was wondering how Turbo tax gets from gro...

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Hello, I was wondering how Turbo tax gets from gross to net income?

 
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Hello, I was wondering how Turbo tax gets from gross to net income?

If you are reporting a rental or business income:

  • your gross income is income including GST before any expenses claimed
  • Then you claim the expenses and CCA
  • The software will deduct the eligible expenses and the business use of the CCA based on the information you entered 
  • the net income is the gross income minus the expenses and the CCA

For more information on how to claim the business or rental income please visit this link:

https://turbotax.intuit.ca/tips/t2125-tax-form-declare-income-and-expenses-from-a-business-or-profes...

 

https://turbotax.intuit.ca/tips/t776-tax-form-statement-of-real-estate-rentals-414

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