My Favourite Number is .01
I took off today so that I could get stuff done – tax stuff. I always have to provide my accountant with an Excel sheet of my receipts. I feel like, ‘why am I doing this… why aren’t you doing this?’, but, WTF, I’m faster at it than he is so I might as well do it. It also makes tax preparation a bit speedier too since he wants me to sit there with him, which is happening tomorrow.
So as I was inputting all these receipts, I noticed my gas receipts. And on most of them, they always have that extra penny. So it’s not $20 it’s $20.01 or $50.01 or $40.01. I guess that speaks to my reflexes, doesn’t it? I certainly don’t purposely go for the $.01. You’d think they might have a better pump system where you could actually squeeze the thing and have it go a penny at a time when you’re getting up there at $49.96.
Anyway, what I’ve found so far is that I spent over $13,000 last year on supplies for my little jewellery ‘hobby’. I haven’t yet counted in the cost of that stupid Interac machine which I think was something like $87 a month, or bank fees, so I guess I’ll be around $15,000 total expenses. Luckily I make a couple of thousand back from that 
.
I don’t know what the rules are – as in, how long can I spend $13 to $24,000 (the previous year) and only make a few thousand. How many years can I have these write-offs or does that go on as long as I want to keep spending? I guess we’ll find out in time. And in the meantime, I’ll continue to put $50.01 worth of gas into my car.
Did you enjoy this post? Why not leave a comment below and continue the conversation, or subscribe to my feed and get articles like this delivered automatically to your feed reader.
jafer
Fuhq
Leticia
Matt
Sunny
Female, taken, fire, Sagittarius, Monkey, Toronto, two kids, one grandson, IT.
55
is the new 30. I want the world to close their mouths when they’re eating or chewing gum. If they don’t, I want to elbow them in the face.
Ooo, good question. As a writer who hopes to make money off that someday (not enough to retire on, realistically speaking), I wished I’d been able to find that information from a U.S. tax specialist a couple months back. I’m not in a rush yet. I’ve still got time.