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Will your tax refund be smaller in 2023? About halfway through the 2023 tax filing season (for 2022 taxes), the IRS reported the average refund was down 11.2%: $3,140 per taxpayer in 2023 compared with $3,241 in 2022. Your refund may be smaller this year because of pandemic-related tax credits and deductions sunsetting, along with […]
Will Your Tax Refund Be Smaller in 2023? Read More »
Jamie Golombek: You could be hit with arrears interest at the highest rate we’ve seen in more than 15 years https://financialpost.com/personal-finance/taxes/cra-income-tax-instalment-arrears-interest-surge-higher-rates #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
High interest rates mean you don’t want to be late if you pay income tax by instalments Read More »
Buying low and selling high isn’t the only way to make money on your investments. Many investments also pay dividends to their shareholders. Dividends provide periodic income, which you can use to spend, save or reinvest. But where there’s income, there are usually taxes. Dividends are considered taxable income, and they’re taxed differently depending on
How Much Am I Taxed on Dividend Income? Read More »
If you’re a real estate investor or plan to be, you need to be familiar with a 1031 exchange, which is a strategy that enables you to sell one property in exchange for another without incurring taxes in the process. Does that sound too good to be true? Maybe so, but 1031 exchanges are recognized
What is a 1031 Exchange? Read More »
We’re going to make your job of finding the best tax software easier by providing the details of the five most popular tax software plans available.Compare free and paid tax prep software. TurboTax vs H&R Block vs TaxAct and other top tax prep apps. Pricing, features, audit support and more. The post Best tax software
Best tax software for 2023 Read More »
Taxes are most likely our largest ongoing liability. Therefore, we should understand the latest tax brackets for 2023. I go through this exercise every year to guide how I will spend my time, my most valuable asset. Based on a thorough understanding of the 2023 tax brackets, we can then logically come up with the
2023 Tax Brackets: The Best Income To Live A Great Life Read More »
Jamie Golombek explains the First Home Savings Account coming in 2023 which combines the benefits of a RRSP with a TFSA https://financialpost.com/personal-finance/taxes/the-hottest-new-tax-break-canadians-should-take-advantage-of-this-year #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 hottest new tax break Canadians saving for their first home should take advantage of Read More »
Here’s how to balance dividends with a lower tax bill https://financialpost.com/investing/investment-income-cra-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
4 steps to getting investment income without paying the CRA more taxes Read More »
Some of the links in this post are from our sponsors. We provide you with accurate, reliable information. Learn more about how we make money and select our advertising partners. Believe it or not, tax season has already begun. Amid the flurry of tax forms flooding inboxes and mailboxes, you might wonder about filing taxes
Everything You Need to Know About Filing Taxes Early Read More »
This year’s federal tax deadline is Tuesday, April 18, 2023. If you cannot get your tax return together before this date, you can file a tax extension request to avoid late filing penalties (although your tax dollars are still due by this date). For example, you might be navigating a precarious life event, living overseas,
How to Get a Tax Extension Online and Avoid Late Filing Penalties Read More »
Do you need more incentive to generate passive income in order to give yourself more freedom? Then look no further than the below two charts. They show the 2023 capital gains tax rates by income for both short-term and long-term. The short-term capital gains tax rate is equivalent to your federal marginal income tax rate.
Short-Term And Long-Term Capital Gains Tax Rates By Income Read More »
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 »
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
New Tax Limits for 2023 Read More »
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
What Is an Effective Tax Rate? Read More »
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
Double Your Tax Refund in This Jackson Hewitt Sweepstakes Read More »
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
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
4 ways the wealthy can make a dent in a large tax bill Read More »
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
What Are the New Tax Brackets for 2023? Read More »
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
Should I Hire a Tax Preparer? Read More »
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 »