We are following Jennifer who is new to the workforce and to lodging a tax return each year. She has an apprenticeship as a Carpenter.
There are many questions in the individual tax return that have nothing to do with your taxable income, including questions about your spouse, which can be daunting.
Depreciation, also referred to as a capital allowance, is intended to represent the declining value of an asset. A portion of the asset cost is claimed as depreciation expense.