Free Tax Tips

Archive for the ‘General Tax’ Category

Offshore Drilling, UBS, Vivendi, Chrysler, Blagojevich, Icahn: Court News

Opponents of a U.S. ban on deepwater drilling asked a federal appeals court to block a bid by regulators to throw out a judge’s ruling that scrapped the moratorium.

Parents Eligible Tax Benefits : Tax Preparation Services Canada

Question: Can I write these things off on my taxes?

I’m an independent contractor at a local gym (as a cycling instructor). I teach both freestyle classes as well as those from the company Les Mills. I purchase my own music in addition to the pre-coreographed playlists from Les Mills, and I’m thinking about Cyclocore for cycling tips that I can use in my classes. In addition, since cycling is a niche sport I buy expensive cycling outfits that can only be used for such. Basically, what I’m asking is – can any of this be written off as a deduction on my taxes?

Answer: This is a troublesome area. You use those items for yourself outside of your job. For a legitimate deduction, you would have to keep an accurate log of how many hours in the gym and how many hours outside..

Krasienko answers readers’ questions

We asked readers, if you were the city hall reporter for a day, what would you ask the mayor? Then we put those questions to Lorain Mayor Anthony Krasienko and here is the resulting reader-reporter Q&A interview with the mayor:

Four Simple Ways You Can Boost Your Nest Egg

With the economy still struggling, investors are seeking additional steps to shore up retirement savings. We provide some tips.

Tax Tips for Homebuyers and Mortgage Refinancing

Tax time’s tug of war

Deductions, gearing, rebates, super … they can all help maximise your June 30 return, writes Annette Sampson. It’s easy to forget that not that long ago you didn’t have to earn much more than the average wage for your income to be taxed at 48.5 per cent.

Ron Paul: “Income Tax = Involuntary Servitude” – 4/13/2009

Question: Will $25 be enough to pay for a $12.00 pizza will Tax and tip?

Whaaa!! I’m panicking cuz I might not have enough to pay for the pizza! they said delivery costs like $2.00 but how much with tax!?!?!!? I live in canada by the way!
lol…I’m definetly NOT made of money…I have none!
Thanks I’m not so worried now!
Thanks. Yeah it ended up being like $16.00 so I gave him the rest of the twenty.

Answer: That'll be fine. The tip is only 15%. The pizza bill with tax and delivery cost will probably end up totaling about $16-$17. Tip will be a few bucks more. You'll have cash left over.

Tax Tip: Seniors-Claim Credits and Benefits on Your Return!

OTTAWA, ONTARIO--(Marketwire - 03/02/10) - From January until the end of March 2010, the Canada Revenue Agency (CRA) is issuing weekly tax tips with information geared towards specific groups that are most affected by new and existing credits, deductions, and benefits in the 2009 tax-filing season. This tax tip focuses on seniors. There are credits, benefits, and deductions to which you may be ...

Tax Tips For Retirees - 2009 Tax Preparation Service Canada