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New IRS rules could mean many more taxpayers will receive a 1099-K form in the mail come January. Form 1099-K Payment Card and Third-Party Network Transactions shows the business transactions a third-party payment service or card processor has paid you throughout the year. If you received $600 or more in business payments through a service […]
At the height of the COVID-19 pandemic, more than a million U.S. taxpayers had trouble filing their 2019 and 2020 tax returns on time. For starters, lots of taxpayers and professional tax preparers got sick. Offices closed, sometimes making it harder to gather the necessary documents. And you couldn’t get the IRS on the phone.
IRS Refunding Fines, But You Must File Overdue Taxes Soon Read More »
Jamie Golombek: The restaurant didn’t include electronic tips in its CPP and and EI liabilities https://financialpost.com/personal-finance/taxes/cra-servers-electronic-tips #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
Restaurant finds itself in hot water with CRA over servers’ electronic tips Read More »
For the first time in my life, I accidentally paid my estimated taxes twice. If you ever do the same, I want to share with you what happens next and when you’ll get your overpayment back. Bottom line: Don’t worry too much. You’ll eventually get your money back within six weeks. How Could I Accidentally
Accidentally Paid Your Estimated Taxes Twice? Don’t Worry! Read More »
Adding a child’s name to your assets won’t accomplish your goal of reducing capital gains tax https://financialpost.com/personal-finance/taxes/fp-answers-how-avoid-big-capital-gains-tax-bill-when-die #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 can you avoid a big capital gains tax bill when you die? Read More »
If you accept payment cards or accept online purchases, you’ll receive a Form 1099-K. But what does it have to do with your taxes, and how do you use it? The post What Is IRS Form 1099-K Used For? appeared first on Money Crashers. https://www.moneycrashers.com/what-is-irs-form-1099-k/ #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth
What Is IRS Form 1099-K Used For? Read More »
Preparing your federal tax return is hard enough when you live in the U.S. But it gets tougher if you’re filing as an expat from another country. Follow these steps to slash your tax bill without losing your sanity. The post U.S. Taxes for Expats — 9 Tips for American Citizens Living Abroad appeared first
U.S. Taxes for Expats — 9 Tips for American Citizens Living Abroad Read More »
Jamie Golombek: A Federal Court of Appeal decision in June dealt with the tuition carryforward rules under some interesting circumstances https://financialpost.com/personal-finance/taxes/tax-court-cra-postsecondary-tuition-credit #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
This unusual tax case shines a timely light on the post-secondary tuition credit Read More »
President Joe Biden signed the Inflation Reduction Act into law on Aug. 16. It’s a sweeping piece of legislation aimed at combating climate change, raising taxes on large corporations and lowering health care costs. It’s unclear how effective the new law will be in actually tamping down record-high inflation. An analysis by the University of
4 Ways the Inflation Reduction Act Could Save You Money Read More »
Tax evasion can come in several forms. Find out what it is, how it works, and how you can avoid committing this serious federal crime. The post Tax Evasion – What It Is (Meaning), Penalties, and Examples appeared first on Money Crashers. https://www.moneycrashers.com/what-is-tax-evasion/ #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence
Tax Evasion – What It Is (Meaning), Penalties, and Examples Read More »
The Inflation Reduction Act could help you save more on an electric vehicle — but qualifying for the ev tax credit could also get more complicated. The economic package, which addresses health care costs, climate change and taxes on corporations, passed in both the Senate and House this week. As part of this bill, Congress
Should You Wait for the New EV Tax Credit to Buy a Car? Read More »
Jamie Golombek: Looking for some extra cash this summer? You may need to look no further than the CRA’s website https://financialpost.com/personal-finance/taxes/cra-uncashed-cheques #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
Here’s how to see if you have one of the 8.9 million uncashed cheques issued by the CRA Read More »
Jamie Golombek: Here’s what you should be doing in anticipation of the looming interest rate increase https://financialpost.com/personal-finance/taxes/if-you-owe-the-cra-money-pay-up-as-soon-as-possible-because-the-prescribed-rate-is-rising-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 earn over $200,000 per year, you may be subject to the net investment income tax (NIIT), an additional tax levied on the investment income of taxpayers considered to be high income. In some parts of the country, particularly the big coastal cities, an individual requires a $200,000 income just to achieve a middle-class
What Is the Net Investment Income Tax? Read More »
Tax-loss harvesting lets you use underperforming assets to lower your taxes. But managing your portfolio is complicated enough — is tax-loss harvesting even worth it? The short answer is yes. And advisory services leveraging modern technology can help you reap the benefits without the headache. The post What Is Tax-Loss Harvesting and How Does It
What Is Tax-Loss Harvesting and How Does It Work? Read More »
The child tax credit offers parents a tax break for each child they have. It can help reduce the amount you owe in taxes or boost your refund by thousands of dollars. But what is it and how does it work? The post What Is the Child Tax Credit (CTC) and How Do You Claim
What Is the Child Tax Credit (CTC) and How Do You Claim It for Dependents? Read More »
Jamie Golombek: Victory comes after almost a decade battling over millions in winnings https://financialpost.com/personal-finance/taxes/poker-champion-comes-up-a-winner-in-high-stakes-showdown-with-cra #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
Poker champion comes up a winner in high stakes showdown with CRA Read More »
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 »
Passive income. It’s not an exaggeration to say it’s probably the best kind of income you can earn. Simply put, it’s income you earn with little or no effort on your part. And that means you’ll be free to earn even more money doing other things – or just enjoying your life. Jeff Rose is
How is Passive Income Taxed? Read More »
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
Tips for Tax-Efficient Investing Read More »