Free Tax Tips

Posts Tagged ‘travel’

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

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Tax Tip: Withholding Calculator – January 2010

Question: Mileage reimbursement for a leased car?

I understand that the 2007 IRS mileage rate is 48.5 cents for each business mile driven, and also that this rate covers the cost of fuel. What concerns me, however, is that my car is leased, and I have to drive hundreds of miles daily in between clients.

I’ve only had my car for a few months. When I got it, I intended to trade in my lease at the end of the year. Now, however, with all these miles I have to drive for work, won’t that affect my ability to sell my lease? Am I eligible for any additional reimbursement from my company since this my car is leased and not owned?

Answer: Your company can pay you whatever mileage rate they want to pay you. But if it's over the .485 per mile for 2007 you have taxable income, and if it's under it then you can report your mileage and mileage reimbursements on form 2106 (which you should be doing anyways), which will carry over to Schedule A - Itemized Deductions in the Miscellenous deductions section. You'll have exceed 2% of your AGI to be able to deduct the excess. As for if all the miles will or will not affect the ability to sell the lease, you have to look at what is in the lease.

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