The Tax Preparation Blog

Posts Tagged ‘tools’

Question: Is there a free online sales tax calculator for ontario canada?

I need one place to input one sum and it automatically calculates the total including tax. I know how to do the math, however I have hundreds of receipts with partial writeoffs. I don’t have the time to go through each one and tap all of the keys it will take to figure out the total after taxes of $1.18, etc. Does anyone know of a free online sales tax calculator for both PST and GST?
I have even asked people for Excel speadsheets with this formula on it and I still can’t get my hands on one. I don’t know how to use excel other then inputting.

Answer: You need to LEARN to use Excel. It’s easy:

Let’s say Ontario’s sales tax is 8%, so your after tax gross is 92% of that.

In Column A1 put your gross receipt, say $100.00; in Column B1 put the tax rate (0.92). In Column C1 put the following formula: =A1*B1. Column C will reflect the $92.00.

Excel is very simple and there are lots of books available. It also comes with a tutorial. Learn to use it and you may save an ENORMOUS amount of time.

Big guns step up GST push for online purchases

HOSTILITIES surrounding the popularity of GST-free retail sales on the internet will be reignited this week.

17 May Baltimore Live ONLINE Tax Lien Auction

Question: what to do with my fidelity account?

I never knew anything about fidelity investments and have not filled out any info. (as far as I know!) to invest money in anything. My point is, I was on a summer job program from unique hr with the city of dallas this year, and after my summer job was over. I now have gotten this retirement statement saying i have money on it and after reading the letter and stuff. I read that 20% tax will be withheld from the amount i want to receive as a check because of the amount being under 1000 bucks. I haven’t done anything yet because i don’t know anything about this or what to do. I just know that i have until dec. to make a decision, and so far i have not gotten a regular job yet. For those who know about this stuff, please help. what should i do?

Answer: The following is an educated guess. You need to call the City of Dallas Human Resources, Fidelity Investments, or the Department of the City you worked for to get a final answer.

Dallas may have a “Qualified Tax-deferred Retirement Plan.” If so, that plan deducts a certain amount of each paycheck invests it in various ways — mutual funds, money market funds, bond funds, etc. You choose how you want your money invested — i.e., which funds.

Apparently, if you have more than $1,000 in the Plan, you don’t pay taxes on it until you withdraw it. Usually, that will be when you retire and are in a lower tax bracket. However, since you have less than $1,000, they pay Income taxes on it at the 20 percent rate.

At this point, you have a couple of choices: 1. Take it all out of the plan and pay income taxes on it.
2. Let it ride until you have $1,000 or more, or make additional contributions to get it to the $1,000 level so you won’t pay taxes until you withdraw it.

If you let it ride, you can probably choose from many different investments, from very safe but low earning, to very risky put potentially high earnings. Which should you choose? If you’re young, live dangerously and go for growth investments. If you guess wrong, you have a lot of time to make up for lost earnings. If you’re older, play it safe. You don’t want to make risky choices late in the game, when you’re ahead.

But as I said, the above is just a guess based on limited information. Make some phone calls and ask questions. Don’t be afraid to sound dumb — everyone starts out dumb.

POLITICAL HOT TOPICS: Thursday, December 23, 2010

The CNN Washington Bureau’s morning speed read of the top stories making news from around the country and the world….

Careers at Weaver

Question: Is there somewhere I can go online to see how much my tax refund will be (Canada)?

I am not sure if I want to go to H&R block to get my income taxes done- or if I should do them myself… I am wondering how much money I am looking to get back so I can figure what H&R would deduct and if its even worth it for me…
I’m sure theres a place to go that does them for you free but doesnt let you print or file online… cant remember!!

Answer: Go to www.genutax.ca

From there you can download a free trial version and plug in all your numbers and get your results. But, you’re right, you can’t netfile or print it unless you buy the program.

I have been using this program for a few years now. I like it. It’s really easy to use and the best part is that they send me free updates each year.

Some innocent advice

Innocent but not naive.

Canada Tax Free Savings Account

Question: Can i do my CA state taxes online for free?

I made very little this year and i was wondering if i could possibly get my state taxes done online for free?

Thanks everyone

Answer: Yes. Franchise Tax Board website has the providers participating free e-filing service.
Since you only have little incomqualifieduld be qualified for this service.

http://www.ftb.ca.gov/individuals/efile/allsoftware.shtml

Good luck

Why I Don’t Want an iPad for Christmas

Columnist Brett Arends offers 10 reasons why Apple’s iPad this year’s hottest adult toy makes a lousy gift.

2010, 2011 Tax Return Filing Online

Question: Buying from a UK retailer, living in Canada.?

Looking to see if anyone has any info on what I can expect relating to buying from a UK retailer who would be sending my package through Royal Mail’s signed for service. Does anyone know if the package would be sent directly to my home? To my local Canada Post office ( Toronto, Ontario Canada)? Other than Duty taxes, would I be looking at other charges. I have bought things from the US in the past who used UPS. They hit me for a temporary import number fee in addition to the duty. It was like an extra $20 that I wasn’t expecting? Would this be the case with Royal Mail? Thanks very much.

Answer: I’m a Royal Mail postman, so I can help.
For a while, I actually used to work in the section of Royal Mail that processes international mail arriving and leaving the UK, so I know about how Royal Mail’s International operations work.

Fedex and UPS aren’t technically postal services, they are actually courier services, and there are lots of crucial differences between the two.

Royal Mail is the UK’s national postal service, and therefore, under the terms of the Universal Postal Union, they will use their Canadian equivalent.

Your item will be delivered by Canada Post, and it will be treated in the same way as your mail. “Signed For” means that the item is “Registered” and a signature or other confirmation of delivery is required by Royal Mail.

Regarding Customs Duty and charges, whether the item is coming by UPS, FedEx or Canada Post is irrelevant. ALL international items will be screened by the Canadian Customs authorities, so if there is anything you’ll have to pay, you’ll still have to pay, regardless of the shipping firm.
There should be no extra charge from Royal Mail or Canada Post, although I expect that Canada Post will process any Customs charges on your behalf and pass the cost onto you.

Enjoy!

No intention of toning down in 2011, Ford says

Toronto mayor predicts auditor’s report will be ‘pretty earthshaking’

Liberty Tax Service Franchise The Best in USA and Canada