When you move to the Deductions page, Mclowd displays a worksheet listing tax deductible amounts.
Review all the figures presented on the deductions page, comparing with your records to verify that figures match the expected values at all relevant labels.
If any part of the populated value in L1: Oher Amounts is a non-deductible expense, you may need to transfer that amount, or the non-deductible portion of that amount, to L2 (on the right). The figure entered in L2 will be deducted from L1. Refer below.
Click the SAVE DEDUCTIONS button.
Mclowd confirms that the Deductions were saved and offers options to EXPORT TO EXCEL, PRINT or DOWNLOAD AS PDF.
Click BACK TO TAX HOME to move to the next step or the NEXT – SECTION D: INCOME TAX button at bottom right of the screen to move to the next step.
When reviewing the DEDUCTIONS page in Taxable Income, any amount of Fund Formation Costs written off will be displayed at label L1: Other Amounts.
By default, the amount will be displayed as a Deductible Amount.
If you do not wish to claim a Tax Deduction for Fund Formation Costs Written Off, you can manually enter the amount in the NON DEDUCTIBLE EXPENSES column at L1.
The amount in the DEDUCTIONS column will change to 0 and the fund formation cost will show as a Non-deductible expense in the Totals section.
If any figure appears in either L1 or L2, use the drop-down list to select the appropriate explanation.