I have 2 x separate deductions that would fall in Miscellaneous Business Income Expenses. How do I name each of these expenses and break them out as separate line items?
I can only enter a single lump sum number and cannot name the expense.
You should keep a list in your records along with your receipts should the Canada Revenue Agency (CRA) require them in the future. It is recommended to keep all receipts for 6 years.
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Yes, I have the records. I'm asking how can I actually input and name 2 x separate "other" business expenses in the Turbo Tax system.
Unfortunately, all other expenses are entered as one amount.
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Thanks. Can the T1 be manually edited then to list expense items? I would think unnamed expenses without explanation would be more susceptible to audit?