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…]
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…]
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…]
