If you get a $100 credit, you get $100 off your taxes. Many Americans leave money on the table when it comes to claiming tax credits. Did you know that 20% of eligible Americans don't claim the Earned Income Credit? If you meet the guidelines, you may be elig...
You can maximize your tax refund in several ways — from paying off high-interest debt to investing in a business or saving for retirement. One or more of these options could be the perfect fit for you.
Scenarios include if you bought a house in 2009, if you have a child in college, if you purchased a new car, if you were unemployed, if you made charitable donations following Haiti's earthquake, if you had ...
Yet much is wrong with the Democrats’ plans. They appear to haveforgoneclosing one of the most costly loopholes, whichwrites offcapital gains when assets are inherited. Therise incorporation tax wouldtakethe total rate, including average state and local levies,to31%, the third-highest among ri...
FreshBooks accounting software offers convenient receipt capture technology that can take information directly off a photo of your receipt, including the merchant, the total amounts, and taxes. This ‘Digital Bills and Receipt Scanner’ will help you stay organized without wasting time manually filing...
She adds, "Even if you would be eligible for a write-off of the tax debt, you can't benefit from that if you never filed or if you filed a fraudulent return. This is where people often get in trouble."
5. Write off losses as tax deductions You want your business to be profitable but business losses, like non-paying customers, capital losses or theft, can happen. The good news is, the CRA lets you use that loss to lower your overall taxable income. If you have a qualif...
They can help you pay off your tax debt faster while potentially reducing what you owe. Important: Not everyone will qualify. To take advantage of this special program you must owe more than $10,000 in past-due taxes. Answer a few questions to get started ...
The IRS allows certain car expenses used for qualified business purposes to be written off on one's tax returns. There are several deductions and ways to include car costs as a business expense, including donating an old car to charity, logging business miles traveled, and adding vehicles to ...
However, you must exercise caution when choosing this option. If the assets lose value after being distributed from your IRA, the upside is that you may be able to write off the losses, which would not have been an option had the losses occurred while the assets were in your IRA.5 ...