Taxes

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Non-compliance costing CRA at least .1 billion, new ‘tax gap’ report finds

Non-compliance costing CRA at least $18.1 billion, new ‘tax gap’ report finds

Jamie Golombek: Study shows how much additional revenue CRA would have received if individuals and companies reported income properly https://financialpost.com/personal-finance/taxes/non-compliance-costing-cra-18-1-billion-new-tax-gap-report-finds #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

Non-compliance costing CRA at least $18.1 billion, new ‘tax gap’ report finds Read More »

Tips for Tax-Efficient Investing

Tips for Tax-Efficient Investing

The post Tips for Tax-Efficient Investing appeared first on Millennial Money. There’s no getting around it: If you invest, you’re going to have to pay federal income taxes. The sooner you come to terms with this, the better.  The main reason you need to pay attention to taxes as an investor is that they can

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When Should I Adjust My Tax Withholding?

When Should I Adjust My Tax Withholding?

Income tax withholding sets aside a portion of your regular salary or wages every pay period for taxes. It isn’t set in stone, however. You can ask to have more or less of your salary withheld for taxes based on your tax filing status, deductions, additional income and more. While you can adjust your tax

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Refundable vs. Nonrefundable Tax Credits

Refundable vs. Nonrefundable Tax Credits

Tax credits can lower your tax bill by thousands of dollars—but not all tax credits are the same. A nonrefundable tax credit can lower your tax bill to zero, but you won’t receive a tax refund for the difference if any money from the credit is left over. On the other hand, a refundable tax

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15 Tax Deductions for Self-Employed Taxpayers

15 Tax Deductions for Self-Employed Taxpayers

About 16 million of America’s 150 million workers are self-employed, according to Pew Research. Self-employment can translate to more independence and greater choice when it comes to your work hours and location. But it can also come with a more complicated—and more expensive—tax bill. If you work for yourself, you can claim a variety of

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If you thought the CRA wouldn’t follow up on improperly claimed CERB and other benefits, think again

If you thought the CRA wouldn’t follow up on improperly claimed CERB and other benefits, think again

Jamie Golombek: Tax authority sending out ‘notices of redetermination’ as COVID-benefit-related disputes hit the courts https://financialpost.com/personal-finance/taxes/if-you-thought-the-cra-wouldnt-follow-up-on-improperly-claimed-cerb-and-other-benefits-think-again #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

If you thought the CRA wouldn’t follow up on improperly claimed CERB and other benefits, think again Read More »

How Are NFT Gains Taxed?

How Are NFT Gains Taxed?

Non-fungible tokens (NFTs) have made a big splash in the investing world over the past few years. In 2021, NFT sales hit a whopping $17.6 billion, according to data from NonFungible.com and L’Atelier BNP Paribas. An NFT is a unique digital token that represents the ownership of an original piece of digital property, such as

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ABLE Accounts Defined: Tax-Advantaged Savings for the Special Needs

An ABLE account is a tax-advantaged savings account that helps individuals with disabilities save for the future while still receiving government benefits such as Medicaid and Supplemental Security Income. Millions of people are eligible to open one — learn how. The post ABLE Accounts Defined: Tax-Advantaged Savings for the Special Needs appeared first on Money

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What Is Modified Adjusted Gross Income? (MAGI)

What Is Modified Adjusted Gross Income? (MAGI)

One lesser-known measure of income is your modified adjusted gross income. It impacts your ability to qualify for certain tax incentives or things like health care subsidies. Fortunately, your MAGI isn’t all that hard to calculate once you know what it is and why you’re trying to figure it out.  The post What Is Modified

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Made Green Upgrades in 2021? Don’t Miss These Tax Credits

Made Green Upgrades in 2021? Don’t Miss These Tax Credits

Many Americans have woven green practices into their everyday lives — from recycling to going paperless and even cutting back on meat consumption. Switching to clean energy or purchasing an electric vehicle are additional ways to go green, but large-scale upgrades also often come with major price tags. Several existing tax credits can help to…

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Do You Know About the IRS’ Free File Program?

Do You Know About the IRS’ Free File Program?

If you earn $73,000 or less annually, you may be able to use a service to file your federal tax return for free through a program from the IRS.  The IRS partners with the nonprofit organization Free File Alliance, a group of eight software companies that offer tax filing services. The IRS and the Free

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What Are Tax Lots and How Do They Affect Your Capital Gains?

What Are Tax Lots and How Do They Affect Your Capital Gains?

Tax lots are records pertaining to your acquisition of securities, including the dates of sale and purchase, your cost basis, and sale price. This info determines how your capital gains are calculated and the tax rate you pay. Learn how tax lots work and how to use them to save on your taxes. The post

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If Your Life Changed in 2021, Watch for Income Tax Surprises

The investing information provided on this page is for educational purposes only. NerdWallet does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks or securities. The events of 2021 didn’t always play out as expected. A lingering pandemic, a shifting government response and a wave…

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EY TaxChat Review – Is This Professional Tax Preparation Service for You?

EY TaxChat Review – Is This Professional Tax Preparation Service for You?

EY TaxChat is an online tax preparation service that puts your return in professional hands. In most cases, you can file your federal and state returns here for less than what you’d pay an independent CPA. Pricing is transparent and your taxes are always handled by licensed preparers. The post EY TaxChat Review – Is

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17 Most Common Tax Questions Answered By a CPA

17 Most Common Tax Questions Answered By a CPA

Tax time is a confusing and frustrating time of year for many people. Fortunately, answers to common tax questions are readily available. Learn when your tax return is due, what to do if you can’t file on time, how to work out a payment plan with the IRS, and more. The post 17 Most Common

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Schedule B (Tax Form 1040) Instructions – Interest and Dividends

Schedule B (Tax Form 1040) Instructions – Interest and Dividends

One of the main reasons to invest your money is to make more of it by earning interest and dividends. But that income isn’t free — you have to pay taxes on it. That’s where IRS Schedule B comes in. Learn about Form 1040 Schedule B, the tax form for interest and dividends, and how

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What Is a Private Letter Ruling (PLR) and How Much Does One Cost?

What Is a Private Letter Ruling (PLR) and How Much Does One Cost?

Tax law is tough. Even seasoned tax professionals can have questions about certain transactions or tax planning strategies. You can get most questions answered online or by a tax professional. But if you’re still stumped after that, you can request a private letter ruling from the IRS. Here’s how. The post What Is a Private

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What Is the Stepped-Up Basis Tax Loophole?

The stepped-up basis loophole is part of the tax code that applies to inherited assets. The rule allows you to avoid capital gains on assets you pass to your heirs, lessening the tax burden on your heirs when they inherit from you. Learn about the stepped-up basis loophole and what it means for you. The

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What Is the Alternative Minimum Tax (AMT) and Who Has to Pay It?

What Is the Alternative Minimum Tax (AMT) and Who Has to Pay It?

Most people never pay the alternative minimum tax, also known as AMT. Only about 0.1% of U.S. households paid the AMT, and the majority of those had income greater than $1 million. Calculating the AMT is complicated — learn the basics of how it works if you believe you may have to pay AMT. The

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