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gmar55
New Member

How do I name and separate several Miscellaneous Business Income Expenses?

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.

5 Replies

How do I name and separate several Miscellaneous Business Income Expenses?

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.

 

Thank you for choosing TurboTax.

 

gmar55
New Member

How do I name and separate several Miscellaneous Business Income Expenses?

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.

How do I name and separate several Miscellaneous Business Income Expenses?

Unfortunately, all other expenses are entered as one amount.

 

Thank you for choosing TurboTax.

gmar55
New Member

How do I name and separate several Miscellaneous Business Income Expenses?

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?

How do I name and separate several Miscellaneous Business Income Expenses?

No auditing may be more likely to be activated when the amounts are extremely different from other years. If you need clarification please contact the Canada Revenue Agency (CRA) at 1-800-959-8281.

 

Thank you for choosing TurboTax.