The Tax Preparation Blog

Posts Tagged ‘banking’

Question: Alright, so if I claim RRSP’s ($5000), tuition ($1400) and my personal deduction, ($9600) in Canada….?

is it the same percent that I get back from all of them? 15%. I made around $40000 this year, so $1138 of that is taxed at 22%, the rest 15%. Also do these deductions just apply to my federal income tax or my provincial as well?

Answer: There is a separate provincial non-refundable tax credit. The easiest way to figure this out is to look at the actual Schedule 1 and provincial tax calculation.

Scott Burns: The old model is outdated, failing; time for America 2.0

My recent column suggesting Congress should make a down payment on restoring our trust by returning the excess employment taxes workers have paid since 1984 hit a nerve. Reader mail carried messages of frustration and anger – a sense of futility about change. Responses to a follow-up column on the size of our financial problem brought questions: OK, readers asked, what should be done?

Go! Tax Canada

Question: Relocation assistance – ordinary income or adjustment to basis?

I received relocation assistance from my employer in 2009. Included in the package was reimbursement on the loss in value of my home that I sold in my original location as well as broker fees, etc. This reimbursement will be included on my W2.

When reporting these items on my 2009 tax return, is it more appropriate to report this as ordinary income (since it is on my W2) or exclude it from ordinary income and bake it into the gain/loss on home sale calculation (adjustment to basis in home, etc.)? If you can provide an example directly from the IRS literature that addresses this, that’s an automatic best answer.

Answer: You may want to check this page at the bottom. They have some info on moving and deductions. Hope this helps!

First Thoughts: Obama’s opening bid

Presidential budgets are more political documents than anything else, and this budget is by someone who wants to win re-election in 2012. Now we wait for the GOP’s counter-offer.

Calculating Income Tax

Few extra days for your taxes

Yes, today is April 15. No, your taxes aren’t due — yet. The deadline for filing federal and state income taxes this year is Monday. The due date was moved because of Emancipation Day, a local holiday in Washington, D.C., that commemorates the day President Abraham Lincoln freed the slaves in the District of Columbia.

Uganda: We’ll Keep Public Money Away From the Sharks

Regulating public expenditure is a requirement for any responsible government in ensuring proper utilisation of public funds and planning. It is unfortunate that the incumbent regime in Uganda today is propelling and encouraging malicious and rapid expenditures without checks and balances by those spending such funds.

Pryor Leads Fight to Reduce Deficits

Question: What exactly are Tax Schedules? Help Please!?

My college needs a signed copy of my parents 2008 Federal Income taxes, along with W2s and any other schedules… What are these schedules? Are they like property taxes, mortgage interest payments, real estate taxes, bank statements, or the 1099-G form? These that I just listed are what my parents have in their 2008 Taxes file, that’s why I listed them. (I suppose I could ask my parents, but they’re gone right now and want to send these back asap). Thanks.

Answer: The college doesn’t need all that. If your parent’s taxes are complete, then just make a copy of the entire thing- the tax return- all your needed schedules will be in there. If they say they also need a copy of any W-2s, go ahead and make a copy of those as well.

Hope that helps. :0)

Tax Cutters Set Up Tomorrow’s Fiscal Crisis: Simon Johnson

President Barack Obama is receiving congratulations for moving to the center on the tax agreement with Republicans last week.

Geithner’s New York FED bank told AIG to hide payments to Goldman Sachs. GEITHNER MUST GO!