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Hello Allan,
1- what is the gifi code for( business-use-of-home expenses) the corporate can claim as an expense in schedule 125?
2- what is the gifi code for (tax-free vehicle allowance ) the corporate can claim as an expense in schedule 125?
the corporate is a medical professional corporation. the owner of the corporate is the only
employee
thank you
Record 'business-use-of-home expenses' in GIFI Schedule 125, Line 8911 (real estate rental). This is akin to rent expense for an office space. The tax free vehicle allowance expense should be recorded in GIFI Schedule 125, Line 9281 (Vehicle Expenses).