Recently, I got a call from a new client requesting that I review their personal tax preparation. They had completed their personal tax return using Turbo Tax. They wanted me to make sure it was right.This is not something I would normally do but this client is a real estate investor and I could tell from my personal tax preparation interview with her that their return was not correctly prepared. I began comparing the numbers from their...more
Payroll Tax Calculator 2010 And Payroll Tax 2010Payroll tax software programs can be purchased either directly or from the internet. While choosing payroll tax software, make sure that it is ideal for your business. Go through them and see that they deal with the tax rate of your state or locality and it is enough to handle the tax problems of you and your employees. Payroll Tax Software a program is best used along with a certified accountant....more
What Is the Capital Gains Tax?Capital gains are the profits realized from the sale of capital assets, such as stocks, bonds, and property. The capital gains tax is triggered only when an asset is sold, not while the asset is held by an investor. However, mutual fund investors could be charged capital gains on investments in the fund that are sold by the fund during the year.There are two types of capital gains: long term and short term; each has different tax rates. Long-term gains are profits on assets held longer than 12 months before they are sold. As a result of the 2003 tax law, the long-term capital gains tax was reduced from 20% to 15% (0% for individuals in the 10% and 15% tax brackets) through 2010; it will revert back to the original 20% rate in 2011 unless Congress acts to extend the tax law. Short-term gains (on assets held for 12 months or less), on the other hand, are taxed as ordinary income at the sellers marginal income tax rate.The taxable amount of each gain is determined by a cost basis in other words, the original purchase price adjusted for additional improvements or investments, taxes paid on dividends, certain fees, and any depreciation of the assets. In...more
Impact of tax amnesties on offshore FSThis report introduces Datamonitor's proprietary Tax Amnesty Assessment Index. It is a quantifiable assessment framework of 15 criteria, grouped within five critical amnesty conditions, that can be used by offshore banks to determine the likely impact of any announced amnesty on their assets under management.(...more
Each year millions of Canadians scramble to get their tax papers in order. Each year, many of these same Canadians are scrambling to find out what new tax rules have been introduced as well as what old tax rules have been changed. Many of these changes stem from the federal budget being brought down at the beginning of 2009. These major tax changes...more
It's tax season again and what a confusing time for Canadians who have not been keeping up with all the new tax rules and changes. Filing annual personal income taxes is trying enough, but combine that with the software choices and changes, well, it does not necessarily make for a pleasant experience. Among the many things there are to know when it comes time to file, there are also a few things Canadians need to not know. With so many common tax myths out there, it's hard to know what is what. Here is a brief list of tax myths that will hopefully sort out your tax questions.Many people think they should be receiving a tax refund every year. This is completely FALSE. Getting a tax refund means that you've overpaid in your employment tax deductions somewhere. A refund can also result in a yearlong RRSP contribution or from childcare expenses. In essence, getting a refund means you've been providing the government use of your money for the past year, interest free. A common belief is that once you get your refund, you are in the clear. This is definitely a FALSE myth. The Canada Revenue Agency will initially assess your return without the supporting documents. However, they do have a...more
IRA contributions usually affect your current taxes in positive ways. It's basically a way to save money for your retirement on a tax-free basis now (in other words, you don't pay tax on the income you plop into an IRA until you take it out), so that...more
Meade Accounting and Taxation Expedites Tax Preparation in Richmond HillDoing tax preparation can be complex, cumbersome and time consuming and Meade Accounting and Taxation [Meade Tax Help] removes those concerns by expediting tax preparation in...more
In Part I, we discussed the different tax brackets for the Regular Tax and for the Alternative Minimum Tax, as well as the AMT exemption. For 2009 for married couples filing jointly (MFJ) the AMT exemption was $70,950. In this article we will...more
If you're like me then you spent far too much time ignoring your family last night in favor of the 2010 NFL draft on ESPN during primetime television. In years past the draft has held its most popular segment the first and second rounds on...more
Few of us love paying taxes, and small time investors are not exceptional. Although we might from time to time be proud of our patriotic duty of paying taxes, we are mainly angry because of the way that we feel that the government is misusing the...more