local updates
What happens if you owe CRA money?
If you have a balance owing, the CRA may keep all or a portion of any future payments, tax refunds or GST/HST credits until the amount is repaid. The easi...
Read Journal Category
Local Updates
local updates
How do I change my direct deposit information for a stimulus check?
The IRS has added new features to the “Get My Payment” tool on its website to help more taxpayers receive and track their coronavirus stimulus payments. T...
Read Journal
local updates
Is Australia good for property investment?
Investment in property in Australia is one of the biggest no-brainers in the current marketplace. In terms of capital growth, it might not have the speed ...
Read Journal
local updates
Can I write off federal taxes paid?
Generally, individual taxpayers who itemize their deductions can deduct state or local taxes in the year they are paid. If you owe money to the IRS and ar...
Read Journal
local updates
Do you have to pay taxes on contributions to a 401k?
Traditional 401(k) plans are tax-deferred. You don’t have to pay income taxes on your contributions, though you will have to pay other payroll taxes, like...
Read Journal
local updates
Are green card holders subject to estate tax?
The death, or estate tax for Green Card holders is the same as it is for US citizens. There is no federal inheritance tax for US persons. And inheritance ...
Read Journal
local updates
What is the additional tax on investment income?
What is the Net Investment Income Tax (NIIT)? The Net Investment Income Tax is imposed by section 1411 of the Internal Revenue Code. The NIIT applies at a...
Read Journal
local updates
How does Schedule K-1 affect my taxes?
K-1s are provided to the IRS with the partnership’s tax return and also to each partner so that they can add the information to their own tax returns. For...
Read Journal
local updates
What things reduce taxable income?
15 Legal Secrets to Reducing Your Taxes Contribute to a Retirement Account. Open a Health Savings Account. Use Your Side Hustle to Claim Business Deductio...
Read Journal
local updates
What happens if you dont file taxes by April 15?
For those who didn’t file by the April deadline. There is no penalty for filing late if a refund is due. Penalties and interest only accrue on unfiled tax...
Read Journal