November 22, 2011 – 3:45 pm
Charitable contributions made to qualified organizations through the year may help reduce your tax bill. Many organizations give donors pertinent details about their tax-deductible donation including the amount that can actually be reported on your tax return. The following tips may help ensure donation made will be beneficial on your taxes.
By Steve
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Also posted in Canadian Taxes, tax forms, Tax Law, Tax Preparation
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Tagged 2011, charitable, Charitable organization, contribution, deductions, Donation, Internal Revenue Service, irs, Itemized deduction, rules, tax, Tax deduction, tax return
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There are many retirees out there who are in a world of hurt. The economy has all but killed the American dream of retirement. Trying to work until they are forced out, many seniors find that they just cannot survive on the pittance of a pension that they receive and social security is little more than a stipend. For this reason, many of them are telling their heirs that there is no such thing as Santa Clause. It is starve or sell the home. There is another option, however, that many are considering, the reverse mortgage.
Standing Toe To … Read more at 2011 Taxes.
By Steve
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Also posted in Canadian Taxes, Retirement Savings, Tax Preparation
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Tagged are, disadvantages, Home, Loan, Money Management, mortgage, Mortgage loan, Personal Finance, retirement, reverse, Reverse mortgage, Santa Clause, the, whoppers
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December 13, 2010 – 9:21 pm
People often get so swept up in the first exciting year of starting their own business, going freelance or contracting that they forget some of the more mundane, but nevertheless important changes that self-employment will bring. Along with a renewed passion for your career and control over your own destiny and potentially far greater financial rewards, there are also a number of downsides and financial hurdles to setting out on your own.
Self Employment Tax will be one of those hurdles. Self-Employment Tax is a tax that you were never required to pay as an employee, but essentially it is … Read more at 2011 Taxes.
By Steve
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Also posted in tax credits, Tax Law, Tax Preparation
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Tagged business, Federal Insurance Contributions Act tax, Independent contractor, Internal Revenue Service, IRS tax forms, Medicare, Quick Tax, Self-employment, tax
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December 7, 2010 – 4:45 pm
There is no other move that can help you increase your money than making an investment. In today’s economic situation, it is always wise to make savings and increase them through wise investment. One of the main reasons why some people lose their savings is that, they failed to invest their money in a right place. As a result, they decided to sell everything they own to make ends meet. You should not be like them. So if you have a stable job and business, think of investing in Roth Individual Retirement Account (IRA), which is more flexible compared … Read more at 2011 Taxes.
By Steve
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Also posted in Canadian Taxes, Retirement Savings
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Tagged Individual Retirement Account, investment, IRA, IRA provider, ira rules, Money, Quick Tax, Real estate, retire, retirement, roth ira, Saving, Traditional IRA
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December 6, 2010 – 12:05 am
With 2010 coming to a close, many people are understandably concerned with making sure they’ve made the optimal financial decisions. It’s not always easy, given how the rules change from year to year! With that in mind, let’s take a look at the 2010 IRA Contribution and Deduction Limits.
If you are under 50 at the end of the year, you can contribute up to $5,000 or your total taxable income, whichever is less, to any combination of IRAs (both traditional and Roth IRAs). If you’re over 50, you can contribute the lessor of $6,000 or your taxable … Read more at 2011 Taxes.
By Steve
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Also posted in Canadian Taxes, Retirement Savings
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Tagged 2010, adjusted gross income, contributions, Individual Retirement Account, IRA, Pension, Quick Tax, retirement, roth ira, tax, Tax deduction, taxable income, Traditional IRA
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November 28, 2010 – 9:52 pm
When someone inherits a sum of money from a loved one, there is a certain level of healthy stress that is created. It can be exciting to know that you’re about to receive an amount of money, no matter how large it is, but it’s important to contain the stress and use it for good reasons. This energy should be put toward inheritance planning in order to ensure that only smart moves are made with the money. If you have a list in your mind of what you’ll spend it on, it helps to write it down and evaluate the … Read more at 2011 Taxes.
