Take A Look At Current TaxesOne of the recommended actions you can take so that you can reduce your financial situation should be to accurately analyse as well as research your taxes therefore, know very well what you have to pay back. One way of carrying this out is to find out what your allowance is. Your personal allowance dictates your tax cut and may differ for each | every | for every | each | a number. To begin with, the basic tax rates...more
As you view your proposed property taxes this week, you may find that the figure you owe just doesnt seem quite right. This amount is based on the assessed property value of your home or other property and if this number is wrong, you could end up owing more money than is fair. If you think youre being charged far too much, you have options for challenging your bill and getting it adjusted to what it should be.The ProcessThe first thing that you...more
Author: Tom WheelwrightCopyright (c) 2010 Tom WheelwrightThis week, I'm picking up where I left off last week which is using your bookkeeping to capture "mixed" travel expenses. Some travel expenses may be business and personal, I refer to these as mixed expenses.When it comes to mixed expenses, I always advise to pay for them personally. From an audit standpoint, it is much better to pay business expenses personally than to pay personal expenses from your business. But, in order to capture the tax savings on the business side, it's critical to get the bookkeeping right.Step 1:Capture the Transaction in Your Personal BookkeepingYour personal bookkeeping is the starting point to capturing mixed expenses. When capturing mixed expenses in your personal bookkeeping, they need to be broken into 2 parts:Part 1:The Personal PortionThe personal portion is coded to the corresponding expense account, such as airfare, hotel, or transportation.Part 2:The Business PortionThe business portion is the most important piece because this is what will ultimately reduce your taxes. When you code the business portion of your mixed expenses, code it to a current asset account that is used only for this...more
If you want to save some money by filing your own taxes this year rather than paying a professional to do it you need to have a few things in order first. You can't file until you have everything in order. This includes waiting until the end of January for the W-2 you will get from your employer. Other things you may need are any 1099 forms,...more
You Missed the Tax Amnesty Express: Don't Worry. You are probably better off with a VDA anyway! You Missed the Tax Amnesty Express: Don't Worry. You are probably better off with a VDA anyway!By Michael J FlemingTax Amnesty programs wax and wane in popularity depending on economic conditions. Recently with the depressed economy,...more
How quickly the April 30 tax deadline comes around. With only a few days left to file, some last minute Canadians will be scrambling to find receipts, documents and a list of the 2009 tax credit changes. In the event you've not yet found such a list, here it is. These are the key tax changes for 2009.When it comes to your employment, Canada Revenue Agency changed its policy on loyalty programs during 2009. The old rules stipulated that employees were to be taxed on any 'benefits' such as employee-earned frequent flyer points through company credit cards or any other sort of company loyalty points. This is no longer the case. As long as such points are not converted to cash. Also, if you drive a company vehicle, CRA will now provide a tax relief as long as your employer requires you to use the vehicle for business only whereas before, employees who used employer provided vehicles usually faced a taxable benefit on the personal portion of the vehicle usage.The Federal Government introduced a First-Time Home Buyer's Tax Credit that is worth up to $750. To qualify for this credit, your home must have been purchased after January 1, 2009. With the continued low interest rates and this...more
Football season is here once again and of course everyone is back to betting on the games for the winner. Everyone has their own personal 2010 NFL predictions on how the games are going to turn out but you may want a professional...more
The Arizona Cardinals have been the team to beat in the NFC West the last two seasons, but that could change this year. With future Hall of Fame quarterback Kurt Warner deciding to hang it up, NFL lines makes are giving the San...more
While there are many sources to guide you to pay tax regularly, it is also important to know how to avail the benefits of tax payments. The tax provisions are wide and extensive and there are plenty of benefits for taxpayers such as disabled persons,...more
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Sunday will feature eight total games with the Browns (1-1) vs Lions (1-1) at 5:00pm EST on NFL Network with Detroit -2 favorites in week 3 preseason betting odds, the Bengals (2-1) vs Bills (1-1) at 6:30pm EST with Cincinnati -3 favorites on the...more