Can’t Pay Income Tax
Posted on January 17th, 2012
First of all, even if you owe more taxes than you can pay by the income tax filing deadline, you should still file your income tax return on time to avoid late-filing penalties. (See the Income Tax FAQ “What happens if I don’t file my income tax on time?”.)
Once the CRA has processed your income tax return, they’ll send you a Notice of Assessment. If the Notice of Assessment shows an income tax balance owing that you can’t pay immediately, you should contact a tax services office, which will help you set up a mutually acceptable payment schedule.
Tags: Income Tax, Tax
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Get Ready for Tax Filing Season, Part 2 — New Laws & Credits that Impact 2010 Returns
Posted on December 5th, 2010
“Death, taxes and childbirth! There’s never any convenient time for any of them.”(Margaret Mitchell, Gone with the Wind).
This might be true, but you can at least alleviate some of the burden of tax season by doing some preparation in advance. For the small business owner, this means taking the time to maintain good records, understanding what tax deductions you may be eligible for, and taking steps to prepare for the January wage reporting season (see Part 1).
But it also means familiarizing yourself and your employees with what’s new for the 2010 filing season. In a busy year for legislation (which brought us the Affordable Care Act, the Small Business Jobs Act, and the continued impact of the Recovery Act) a great deal did change in terms of tax credits and laws. <
Tags: Tax, Tax Filing
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Trouble signs: Tax credit’s end and foreclosures’ rise
Posted on August 14th, 2010
Sales of existing homes in the territory covered by the Sarasota Association of Realtors dropped nearly 48 percent from June to July after the window to take advantage of the tax incentives for first-time homebuyers and for those selling a home to buy another closed on April 30.
Sales fell 30 percent in Manatee County and 23 percent in Charlotte County-North Port, according to initial reports on sales data collected by the community’s respective associations.
The Manatee and Sarasota markets have not seen a collective decline since June 2009.
Coupled with a big spike in foreclosure filings reported earlier this week by California-based RealtyTrac Inc., Southwest Florida’s real estate market could be in for a choppy ride in a new reality that lacks the bolstering power of federal tax credits.
“We anticipated a change, but we didn’t anticipate this much of a change,” Erick Shumway, president of the Sarasota Association of Realtors, said Friday.
Tags: Tax, Tax Credits
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Ways and Means Chair comments on future of estate tax
Posted on April 30th, 2010
The new chair of the House Ways and Means Committee, Rep. Sander Levin (D-Mich.) was quoted in an April 19 article on DailyFinance.com:
Levin indicated he wants to change the current estate tax law. In 2010, the estate tax expired, but under current law in 2011 it will revert to 2000 levels, when estates worth more than $1 million were liable for the federal tax. In 2009, estates below $3.5 million were not liable for estate tax.
“I find this uncertainty unacceptable and unfair,” Levin said. Many wills are written to leave as much to the children as possible below the threshold at which estate taxes must be paid, with the rest going to the surviving spouse.
Tags: Estate Tax, Tax
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When can I get rid of old tax records?
Posted on April 22nd, 2010
From our eNewsletter:
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It Depends |
Perhaps it’s a good thing that the April 15th tax deadline and the urge to spring clean coincide. It ca
Tags: Tax, Tax Records
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