Taxes

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Gig workers, beware: Hiding your side hustles from the CRA is asking for trouble

Gig workers, beware: Hiding your side hustles from the CRA is asking for trouble

Around 50% plan to hide some or all of their side earnings from the tax man https://financialpost.com/personal-finance/taxes/gig-workers-hiding-side-hustles-cra-trouble #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 Quarterly Self-Employment Taxes?

What Are Quarterly Self-Employment Taxes?

If you work for yourself, have a side hustle or bring in investment income that obligates you to pay $1,000 or more in federal income taxes, you may have to make quarterly estimated tax payments to the IRS or face a penalty when you submit your annual tax return. Here’s an overview of quarterly income

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How to take advantage of the new tax-free first home savings account

How to take advantage of the new tax-free first home savings account

Jamie Golombek: Here’s what you need to know about Canada’s newest registered savings plan https://financialpost.com/personal-finance/taxes/tax-free-first-home-savings-account-how-take-advantage #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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How Does the Kiddie Tax Work and Can You Avoid Paying It?

How Does the Kiddie Tax Work and Can You Avoid Paying It?

Did you know? You may be required to pay tax on part of your child’s unearned income. It’s a provision in the federal tax law commonly referred to as the “kiddie tax.” But how does the kiddie tax work, and are there ways you can avoid paying it? One thing is certain – if you

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Should You Pay Taxes With a Credit Card?

Should You Pay Taxes With a Credit Card?

I like to think I know more about credit cards than the average person. I’ve written dozens of credit card reviews for Money Crashers and personally tried out more credit cards than I’d like to admit. So I was surprised and a little embarrassed to learn for the first time recently that the IRS permits

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What the federal budget means to your pocketbook

What the federal budget means to your pocketbook

Jamie Golombek runs through the tax measures that directly affect Canadians’ wallets https://financialpost.com/personal-finance/taxes/federal-budget-2023-pocketbook-issues #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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Single seniors being pushed into poverty appeal for tax breaks

Single seniors being pushed into poverty appeal for tax breaks

Watch: Jane Robertson talks about why single seniors need tax breaks https://financialpost.com/personal-finance/taxes/single-seniors-pushed-into-poverty-appeal-tax-breaks #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 is TPG Products SBTPG LLC & Civista Bank?

What is TPG Products SBTPG LLC & Civista Bank?

Did you get a deposit into your bank account from TPG PRODUCTS SBTPG LLC? Or just TPG Products? Or some version of that? And did the deposit come from Civista Bank? A bank that you’ve never heard of? If so, you’re probably wondering why because the name is acronym soup and not something you expected. It

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Are State Stimulus Checks Taxable?

Are State Stimulus Checks Taxable?

If you received a state stimulus check in 2022, you may be wondering, as you prepare your taxes, if those payments are considered income and thus taxable at the federal or the state level. Fortunately, the IRS issued a statement in early February that will help answer your question. In short, most of the payments

Are State Stimulus Checks Taxable? Read More »

Will Your Tax Refund Be Smaller in 2023?

Will Your Tax Refund Be Smaller in 2023?

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

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High interest rates mean you don’t want to be late if you pay income tax by instalments

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

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How Much Am I Taxed on Dividend Income?

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 »

Best tax software for 2023

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

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2023 Tax Brackets: The Best Income To Live A Great Life

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

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The hottest new tax break Canadians saving for their first home should take advantage of

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 »

4 steps to getting investment income without paying the CRA more taxes

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

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Everything You Need to Know About Filing Taxes Early

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

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How to Get a Tax Extension Online and Avoid Late Filing Penalties

How to Get a Tax Extension Online and Avoid Late Filing Penalties

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,

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Short-Term And Long-Term Capital Gains Tax Rates By Income

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.

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