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Tax Rules for Selling Your Home

Until recently, if you purchased a home, you were required to keep track of the original cost and the cost of improvements to the home for tax purposes. Then, when you sold the home, if you made a profit [more…]

Paying Taxes on Time to Avoid Penalties

April 15 is the deadline for filing state and federal individual income tax returns. An extension to file your tax return is not an extension to pay your taxes. Taxes are due on April 15, and the IRS begins [more…]

How to Annualize Your Income to Pay Estimated Taxes

With the annualization method, taxpayers can pay more tax at the times when they are earning more money, and less tax when their receipts are down or their expenses are up. To annualize your income to [more…]

Getting a Tax Perspective by Finding Your Effective Tax Rate

Your AGI is your adjusted gross income — a number you need to know if you’re planning on pursuing deductions. The quickest way for you to determine your AGI is to refer back to your last tax return. You [more…]

Deciding whether to Itemize Your Tax Deductions

What can you safely deduct on your taxes? You’re entitled to the larger of the standard deduction or your itemized deduction. If you don’t own a home or aren’t making large charitable contributions, you [more…]

Figuring the Fair Market Value of Charitable Contributions

If you itemize your tax deductions, you can claim charitable contributions you make. Knowing how to claim charitable contributions can get a bit sticky, but don’t worry. The process is easier than you [more…]

Should You Itemize or Take the Standard Deduction?

The rule for itemizing deductions on your income tax return is simple: You should itemize your deductions if your total deductions are more than the standard deduction. For each dollar that exceeds the [more…]

Creating Files to Organize Tax Records

Throughout the year, you likely receive a significant amount of paperwork, some of which needs to be retained to prepare your tax return. Other documents may need to be retained to substantiate prior-year [more…]

Federal Tax Changes for 2010

There are relatively few tax changes for 2010, but the new tax provisions can have a tremendous impact on your financial future. Here is a look at what to expect for 2010. [more…]

The Top Five Canadian Tax Return Questions Answered

When should you file your Canadian tax return? How do you get missing tax forms from the Canada Revenue Agency? These are just a couple of the common questions that arise at tax time. This article gives [more…]

Where to Find Help with Your Canadian Tax Return

Questions about deciphering the Canada Revenue Agency’s forms? Wondering when you will get your income tax refund or your GST credit? Here is the contact information you need, including toll-free phone [more…]

Top Tax Reduction Tips for Canadians

Just about every Canadian wants to pay less in taxes. This article spells out the best ways to reduce what you owe the Canada Revenue Agency (CRA), from Registered Retirement Savings Plan [more…]

78 Tax Tips For Canadians For Dummies Cheat Sheet

No Canadian likes taxes, but if you do a little tax planning and claim all the credits and deductions available to you, you may just change your tune. These helpful articles provide tips on how to reduce [more…]

Day Trading Expenses You Can Deduct from Your Income Tax

Day traders have expenses. They buy computer equipment, subscribe to research services, pay trading commissions, and hire accountants to prepare their taxes. It adds up, and the tax code recognizes that [more…]

Day Trading Expenses You Cannot Deduct from Your Income Taxes

Day traders incur some expenses that can’t be deducted from income taxes. It’s disappointing, but at least if you know what day trading expenses they are upfront, you can plan accordingly. [more…]

Capital Gains Tax in the UK

Capital gains tax, or CGT, is a tax on the profits or gains you make when you sell or dispose of an asset. Generally, the house you live in is exempt.

Nearly everyone in the UK is entitled to an annual [more…]

Corporation Tax in the UK

Corporation tax, or CT, is paid by limited companies and other organisations, including clubs, societies and charities, on their taxable profits. The rate of CT payable depends on the level of the company [more…]

Taxing Income in the UK

Nearly everyone living in the UK is entitled to a personal tax allowance – the amount of income you can receive each year without having to pay income tax on it. You may be entitled to a higher personal [more…]

Inheritance Tax in the UK

Inheritance tax, or IHT, is a tax payable by your estate when you die. Not everyone in the UK has to pay IHT – it is only due if the value of your estate, including any assets held in trust and gifts made [more…]

Stamp Duty Land Tax in the UK

Stamp duty land tax, or SDLT, is a UK tax paid on legal land and property transactions. It is charged as a percentage of the amount paid for the land or property when it is bought or transferred. The amount [more…]

Taxable Income Bands in the UK

The amount of income tax you pay each year in the UK is worked out using different tax rates and a series of tax bands. The tax system is progressive, which means that tax rates increase as income increases [more…]

Value Added Tax in the UK

Value Added Tax, or VAT, is a tax charged on most goods and services provided by VAT-registered businesses in the UK. VAT is charged when a registered business sells to either another business or to a [more…]

National Insurance Contributions in the UK

In the UK, most working people between the ages of 16 and 65 are eligible to pay national insurance contributions, or NICs. Paying NICs helps you build up entitlement to certain social security benefits [more…]

Tax 2010/2011 For Dummies Cheat Sheet (UK Edition)

Although you can’t escape tax, you can make it easier to deal with. This Cheat Sheet gives you the essentials for the 2010–2011 UK tax year up front. [more…]

Tax-Free Savings Accounts: TFSA Tips for Canadians

Canada Revenue Agency gave us all a little gift recently. As of January 2009, you can shelter up to $5,000 a year in investments in a Tax-Free Savings Account [more…]


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