Taxes

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‘Nonsensical’: CRA denies taxpayer’s headhunter fees, but judge sees things differently

Jamie Golombek: CRA’s reasoning for denying headhunter expenses full of contradictions, judge says https://financialpost.com/personal-finance/taxes/cra-denies-taxpayer-headhunter-fees-judge-disagrees #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp

‘Nonsensical’: CRA denies taxpayer’s headhunter fees, but judge sees things differently Read More »

New Tax Limits for 2023

The IRS has adjusted more than 60 tax provisions for inflation for the 2023 tax year, including retirement plan contributions, estate taxes, earned income tax credits and tax brackets. These adjustments could affect how much you save toward retirement and how to plan for your 2023 taxes, starting now—even though the changes won’t affect your

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What Is an Effective Tax Rate?

Exactly what percentage of your income goes to taxes? Many people don’t know—or would rather not think about it. While you may have a vague idea of how much gets withheld from your paycheck each pay period, you may not know your effective tax rate, which is the average percentage of your income you pay

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Double Your Tax Refund in This Jackson Hewitt Sweepstakes

Unfortunately, federal income tax refunds are expected to be smaller this year for millions of Americans. Wouldn’t it be nice to double your refund? That’s the idea behind a new sweepstakes contest from Jackson Hewitt, the second-largest tax preparation company in the U.S. (The biggest is H&R Block.) To celebrate its 40th anniversary, the company

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Taxpayer tries to claim parking costs as medical expense, claiming discrimination for travelling short distances

Jamie Golombek: Start gathering the receipts you’ll need if you’re hoping to claim the medical expense tax credit https://financialpost.com/personal-finance/taxes/taxpayer-parking-costs-medical-expense-discrimination-travelling-short-distances #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp

Taxpayer tries to claim parking costs as medical expense, claiming discrimination for travelling short distances Read More »

4 ways the wealthy can make a dent in a large tax bill

Ted Rechstshaffen: These ideas could help the wealthy pay 5 times instead of 7 times what the average person pays on taxes https://financialpost.com/personal-finance/high-net-worth/four-tax-tips-rich-people #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp

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What Are the New Tax Brackets for 2023?

Tax brackets and standard deductions are changing for U.S. taxpayers in 2023. Adjustments are being made in response to inflation and average about 7% over 2022 rates, allowing for a slight tax reduction if your income remains the same, or a bit of room for a raise before a tax increase kicks in. Adjustments take

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Should I Hire a Tax Preparer?

Hiring a tax professional is the safe way to go. If you are confused by your taxes or have a lot of questions it’s probably a good idea to go ahead and get a pro on your side. Consider working with a tax preparer if you’re self-employed; plan to itemize your deductions; or own significant

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Massive TFSA recontribution mistake puts taxpayer in CRA’s crosshairs

Jamie Golombek: What was ‘simply an honest mistake’ caused an overcontribution to the tune of $112,000 https://financialpost.com/personal-finance/taxes/massive-tfsa-recontribution-cra-crosshairs #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp

Massive TFSA recontribution mistake puts taxpayer in CRA’s crosshairs Read More »

Quarterly estimated tax payments: Who needs to pay them, when, and why

If you own a business or earn money as a freelancer, you’ll need to make estimated tax payments every quarter to avoid penalties and interest. Here’s how.Anyone who earns money outside of a traditional W-2 job has to pay income taxes. It is their responsibility to make on-time payments. The post Quarterly estimated tax payments:

Quarterly estimated tax payments: Who needs to pay them, when, and why Read More »

The 5 Scariest Financial Surprises to Avoid in 2023

Maybe you’d rather forget 2022 — we get it. But before getting too far into 2023, it’s a good idea to take stock of how your finances may have changed during the last 12 months and make any needed adjustments. Here are five areas of your finances to check on so you don’t get any

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11 tax changes and new rules that will affect your finances in 2023

Jamie Golombek: Many important tax figures have been substantially increased for 2023 https://financialpost.com/personal-finance/taxes/cra-tax-changes-new-rules-affect-finances-2023 #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp

11 tax changes and new rules that will affect your finances in 2023 Read More »

CRA tries to catch taxpayer who made an incorrect TFSA catch-up contribution

Jamie Golombek: The CRA refused to grant the taxpayer relief on penalties, but a judge said the taxman was in the wrong https://financialpost.com/personal-finance/taxes/cra-catch-taxpayer-incorrect-tfsa-contribution #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp

CRA tries to catch taxpayer who made an incorrect TFSA catch-up contribution Read More »

Smart Money-Saving Year-End Tax Moves To Make

Taxes are our largest ongoing liability. As a result, it behooves us to optimize our taxes as much as possible. This post will discuss all the smart money-saving tax moves to make by year-end. After fake retiring in 2012, my desire to maximum income went away. Instead, I wanted to shield as much income from taxes

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How to file your taxes in 6 easy steps

Filing your taxes is one of those key “adulting” skills that seems confusing at first, but can be way easier than it sounds.Filing your taxes is one of those key “adulting” skills that seems confusing at first, but can be way easier than it sounds. The post How to file your taxes in 6 easy

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Five ways to take advantage of tax benefits when donating to charity

Jamie Golombek: Consider these things before Dec. 31 to make the most, tax-wise, of your charitable donations in 2022 https://financialpost.com/personal-finance/taxes/five-tax-benefits-donating-charity #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp

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Do You Have to Pay Taxes on Your Savings Account Interest?

Many savings accounts, certificates of deposit and money market accounts have enjoyed sizable interest rate bumps in 2022 as the Federal Reserve edges the target federal funds range higher. Around this time last year, the best high-yield savings accounts earned an average of about 0.5% to 1%. As 2022 comes to a close, you can

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The CRA is already challenging real estate transactions ahead of new anti-flipping rules

Jamie Golombek: CRA is challenging perceived real estate ‘flips’ through the court system, with mixed results https://financialpost.com/personal-finance/taxes/cra-anti-flipping-rules-challenging-transactions #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp

The CRA is already challenging real estate transactions ahead of new anti-flipping rules Read More »

FP Answers: How do I use stock losses to lower my income taxes?

Be sure to consider whether to carry back or carry forward a loss to get the best bang for your buck https://financialpost.com/investing/stock-losses-lower-income-taxes #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp

FP Answers: How do I use stock losses to lower my income taxes? Read More »

What are share buybacks and why is Ottawa taxing them?

What are share buybacks and why is Ottawa taxing them?

‘It’s not a dirty thing. It’s not something we should say, ‘ew, that’s gross’ https://financialpost.com/investing/ottawa-taxes-share-buybacks #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp

What are share buybacks and why is Ottawa taxing them? Read More »

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