If there were celebrity experts on Canada's tax system, Evelyn Jacks might be one of them. The Winnipeg author has written dozens of books on the subject and is renowned nationally as one of the leading experts on our ever-shifting Income Tax Act. Her books have become almost a rite of spring. Right when many of us are trying to make sense of all the receipts, tax forms and other paperwork to prepare our returns for the April 30 deadline, her latest edition of Essential Tax Facts, is often hitting store shelves.
The latest edition, this year renamed Family Tax Essentials, will be released next month, and it is an accessible guide for individuals wanting to work on developing tax-efficient strategies year-round to keep as much of their wealth as possible out of the hands of the tax man. Yet Jacks -- who is also the founder and president of the Winnipeg financial education institution, Knowledge Bureau -- recently released another book: Jacks on Tax: In its second edition -- the first edition was published last year--it is intended to be a trusty taxation companion for those of us using tax software to file our return.
Yet Jacks — who is also the founder and president of the Winnipeg financial education institution, Knowledge Bureau — recently released another book: Jacks on Tax: In its second edition — the first edition was published last year—it is intended to be a trusty taxation companion for those of us using tax software to file our return.
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Let's face it, these days, we could use a little help to guide us through the maze that is our taxation system. Jacks on Tax is aimed at those of us who find that while we've filed our taxes successfully using software in the past, we often fumble our way through worrying afterward whether what we've sent the CRA passes the litmus test.
While the book is money well-spent for those who use it as a guide to do their taxes, those of you who would like a few freebie tax tips, have no fear; Jacks sat down with the Free Press recently to talk taxes. Here's a look at what's different for , what we often might miss when filing, and what she changes she would like to see to the tax act to make it fairer. The biggest change for the year — this season's return — is the first-time donor's super credit.
This is geared at encouraging charitable donations by people who haven't donated before or those who haven't donated to a charity since Every year, most available personal amounts increase to keep pace with inflation. Many of the other ones, from the disability tax credit to the child amount for dependent under age 18, have all been upped on the federal return for and , too. The CRA increased the amount claimable under the "simplified method" for travel expenses incurred when seeking medical care away from where we live.
When we travel more than 40 kilometres for care, we can now claim When we have to travel more than 80 km, we can deduct the costs of food and lodging, too. The disability tax credit is available to individuals who suffer a chronic illness that markedly impairs their daily lives. To get it, your doctor has to fill out the T form. Jacks says it's important they discuss with their doctor whether they could qualify for the credit, particularly if their conditiondeteriorates. If they do, the credit can result in a lot of tax savings — important for individuals and families economically affected by illness.
Try putting the following five action items at the top of your priority list:. Every year, American taxpayers leave millions of dollars on the table for Uncle Sam—in the form of unclaimed tax deductions. Spring is here and the season for new beginnings.
This is a good time to re-think "spring cleaning" and choose snacks that can cleanse our bodies from the inside out. The IRS has joined with industry and states on a public awareness campaign to provide taxpayers with easy tips to better protect themselves. For some quick tips, you can watch an informative video here. Tax-related identity theft occurs when someone uses your stolen Social Security Number to file a tax return Yes, being a working adult is tough, but getting over If your business engages in social media, you may have noticed an uptick in the number of customers who are posting questions on your Facebook page, tweeting comments or engaging with your company on other social platforms looking for customer service support.
In an ongoing effort to keep you informed of IRS changes, we have a new and important one to report. And this time, the change eases your filing burden. This applies to E-commerce thieves, at this time of year especially, will try to create holiday-related websites, scams, and other phishing e-mails that can trick even the most alert consumers. However, given the explosion of retail competition and the Internet in the past several years, Black Friday is really not what it used to be. We put together the following tips for you to support smart tax decisions:.
Ah, the sweet smell of success! Achieving goals and bringing our vision to fruition is the end-game for most of us, especially in our business lives. Unfortunately, success can sometimes elude us to the point where we have to start looking at what, exactly, is going wrong.
Perhaps, though, the question we ought to be asking is this: What is going right? By honing in on what is bringing you or Ergonomics is an applied science that incorporates principles of usability into the design process with the goal of making finished products more effective and safe for people to use. The Trade Preferences Extension Act of was recently signed into law. As reported by The Journal of Accountancy on July 31 , the short-term highway funding extension passed by the Senate—and signed by President Obama—at the end of July contains several important tax provisions H.
The bill was passed by the House of As legendary business author Peter Drucker once said, "What's measured improves. The good news is, you only need a few KPIs to really get a handle on the financial pulse of your Tax season is over and one of the biggest American celebrations—the Fourth of July—is just around the corner. Hiring your offspring as an employee to do legitimate work in your business provides several tax benefits:. In the attack, hackers utilized information gleaned from black market sources to answer identity verification When it comes to running a business, building as much efficiency as possible into your operations is the key to keeping things running smoothly and freeing up your own time to focus on the big picture.
While employing the right team and the right technology are integral to boosting efficiency, so is having the right mindset when it comes to how you approach day-to-day tasks. Yes, Tax Day has come and gone for this year, but the memory of your tax return is likely still fresh. So before you move on, consider the following three questions that may point you toward areas you want to work on before next April 15 rolls around.
Do I need to start my tax filing earlier? Ideally, you should engage in tax planning year-round.
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As your trusted If compiling all of your tax documentation this year triggered the thought that you really should try to be more organized, then the following tips are for you. Constantly searching for things you have misplaced, missing important dates, and not feeling like you have control over your days can waste your time and increase your stress level.
While no one wants to ruin their vacation worrying excessively, it is wise to take a few preventative steps to ensure that your time away is not marred by an easily Some health coverage reimbursement arrangements offered by small employers those with less than 50 full-time employees are considered by the IRS to be non-compliant with the health coverage plan requirements set forth in the Affordable Care Act ACA.
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With the rise of identity theft and tax and financial fraud, it is critical that we all remain vigilant about protecting our sensitive personal and financial information—especially during tax season. Being alert to any attempts by criminals to intercept your information is one important way you can protect yourself. The IRS recently issued the following alerts about a new crop of tax February can be a tough month when it comes to motivation and energy levels for many people. Not only will keeping your documents organized make it easier and less stressful for you to find what you need on a daily basis and when you are getting ready to have your taxes prepared , it will Tax season is here, and there are many tax changes that were implemented in and more to be introduced in From Obamacare to tax hikes and changes to standard deductions, there's a lot to keep track of.
To help you get organized for this tax season and beyond, review this summary of some of the most significant tax issues and changes. If managing your money more effectively in the year ahead is one of the things you want to tackle, it helps to break your goal down into manageable steps. If you are enjoying a gathering with family and friends this Thanksgiving, here are a few unique, fun activities from that can help you create an atmosphere of genuine Late fall typically marks the beginning of cold and flu season, which can pose a real threat to businesses.
Add to this those employees who are hesitant to take sick days, meaning they come to work and inadvertently spread germs, and the potential for a cold and flu outbreak For some employees, the satisfaction of doing a great job is a reward in and of itself. However, for many companies, implementing a rewards program for employees is necessary in order to maintain employee morale and productivity.
While investing time and money to develop and implement an employee incentive program may seem like an inefficient use of resources that detracts from your bottom If you own a business, you know that your customers are its lifeblood, so customer service is key. While you may recognize this fact, it may not always resonate with your employees.
In just a few short months, the calendar will read —the year in which the next phase of the Affordable Care Act, known as Obamacare, will kick in for businesses with or more employees. Under the law, businesses with or more employees on their payroll will need to start providing health benefits to at least 70 percent of their full-time workers in , and to 95 percent by Increase your retirement contributions.
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If you know you need to save more, up the contribution you are making to your The back-to-school season is always an exciting time. You can feel it in the air…a time of new beginnings and opportunities. And while the kids are enjoying reconnecting with friends and teachers and the thrill of new school clothes, business owners can adopt their own form of back-to-school spirit to revitalize excitement around their business. Here are a few tips to help you get into As a business owner, one of the hardest—yet most beneficial skills to learn—is delegation.
Not so fast! As the number of seniors in the U. In , an estimated 10 million adult children over the age of 50 were caring for an aging parent. Having to take on this type of responsibility, especially during your prime earning years, can take a toll—not only emotionally and physically, but Allowing employees to telecommute, also known as working remotely, is a major trend destined to reshape the way that companies recruit and manage employees in just about every industry.
According to a survey conducted by the Society for Human Resource Management, more companies were planning to offer telecommuting in than any other new benefit. And, research by Global Workplace In fact, many employees hesitate to take a break from work, and those that do often check in at least daily while on vacation, returning emails or taking calls.
Individual tax return instructions supplement
This may seem like true dedication to a job, but experts say Many business owners are unaware of the Pension Protection Act passed in and its potentially costly tax implications for beneficiaries of employer-owned life insurance EOLI policies. This legislation enforces a tax rate of up to 50 percent on the death benefits of EOLI policies purchased after August 17, Normally, these benefits would be tax exempt—and they still can be if the According to the most recent U.
Department of Justice data, approximately 7 percent of U. While the overall percentage of Americans affected by identity theft has held steady since , identity theft related to tax information is increasing rapidly. Hopefully you have already filed your tax return and are anticipating at least a modest refund. But, before you get too excited about splurging with your IRS check, stop for a moment and remember that you earned that money! It is simply a return of the funds that you earned and paid as tax beyond what your actual obligation With the business tax return deadline behind us, this is an ideal time to think about giving your business a little post-tax season tune-up with the intention of making next tax year easier and improving your financial situation.
Here are a few key areas to consider analyzing now that your business taxes are filed:. A nice home office is often one of the biggest perks of being a freelancer, and it can also provide you with a significant tax deduction if you qualify for it. Up until this tax year, the calculations needed to claim the home office deduction were complex and required meticulous record keeping and a separate form Form However, starting with your tax return, the IRS has introduced With tax season in full swing, you are likely busy compiling all of your tax documents and expense receipts to support the preparation of your return.
When you think about it, there is a lot you can learn from preparing to file your tax return. It provides the perfect snapshot of where you stand financially, which can offer important insights into your money management habits.
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While there are With tax season here, you might be wondering just how likely you are to hear from the IRS after you file by means of an audit notice.