Hive-minding this one. My taxes are basically the most simple they could be and little has changed since last year (similar amount, same work, same method of filing, no dependents or ANYTHING like that). I can't remember if I've gotten one of these letters before, I feel like maybe I have? Anyone else ever get one? Does it delay your refund massively?
From comments I see people don't understand how taxes work.
If a top tax rate is 90% on 1 million dollars or pounds, you do not pay 90% on the entire million dollars or pounds, only on dollars or pounds you make ABOVE that million.
So if you make a million pus one, your tax is 90 cents or pence. NOT 900,000 dollars or pounds.
Also if you are a hedge fund manager who makes 1 billion a year, you "only" get to keep 100 million. That makes me so sad. The entire world weeps for you.
@iuculano Thanks Joe, I have a dozen tabs open, as I read Halifax Municipality pages and the amount of meetings, raises, bad decisions and the proposed Tax increase, while furiously typing.
I can't go for groceries, without breaking down in tears. All the homeless that upset police and council have been moved 4 minutes from my door, between my driveway and my weekly grocery pickup. COUNCILLORS aren't crying,, OUT OF SIGHT, OUT OF MIND, next Agenda Item #Stadium talk, #Busses#Taxes Not helping
All you #FOSS people out there, whose got recommendations for free, no-BS, no income limit #tax software/services for us cursed with US #taxes?
I know its another 6+ months away but would be great to prepare for #taxseason now.
Or, maybe those who got the skills or know US tax law could make something
#TurboTax Parent Company's Latest Argument Against Free Tax Filing: It Will Harm #Black Taxpayers
Articles published around the country repeat Intuit’s assertion — sometimes almost word for word — that the upcoming #IRS pilot program would hurt Black Americans.
A researcher whose work is cited by #Intuit says the company is misstating her findings.
Hey Canadian peeps. Have you tried recently to sign in to the CRA 'My Account' site? I've had the spinning circle all morning. Down Detector is useless, says they haven't been able to connect for a year. If you see this, let me know. Thanks!
“But the analysis discovered one major change: The incomes of the rich grew much faster in countries where tax rates were lowered. Instead of trickling down to the middle class, tax cuts for the rich may not accomplish much more than help the rich keep more of their riches and exacerbate income inequality, the research indicates.”
By refusing to tax corporations, and refusing to raise the cap on income that is taxable for Social Security, the republicans are purposefully trying to bankrupt the US.
Corporate taxes should be at least as much as individual income taxes, if not moreso.
And there is absolutely no excuse for cutting social safety net programs when corporations clearly are not paying anywhere near their fair share of taxes. Not even close.
“Clarence Thomas’s $267,230 R.V. and the Friend Who Financed It”
Clarence Thomas - there is a tax issue if Thomas RV loan was forgiven in whole or part and not recorded as income on his #taxes.
And there might be #gift tax on behalf of the donor/lender. That person probably deducted it, which is also wrong if it was supposed to be a loan.
What his benefactor, Anthony Welters, "a close friend who made his fortune in the health care industry" said was "the loan was satisfied." Don't you love that wording?
As previously mentioned, I'm in the market for VPS service. I found one that I think I might like, and it's a bit pricey. But it's also a pretty complete package, such that it would make sense for me to use it for both business purposes and personal purposes, instead of paying for two separate services.
Is there a way to do this that doesn't piss off the IRS? Like could I say that the percentage that I use for business is a business expense, and the percentage that I use for personal is not?
More generally, is there a solution for things like "If I get both my business and personal banking/cell carrier/etc from the same company, I get a nifty discount, but a frustratingly consolidated bill, how can I do this and still expense the business expense part?"
How the Ultrawealthy Use Private Foundations to Bank Huge Tax Breaks While Giving the Public Little in Return
It’s a simple bargain: The rich get huge #tax breaks by donating #art, property and company shares to benefit the public. But some donors collect millions while offering little or no public access.
Teachers can only deduct $250 in school supplies on their #taxes, but billionaire Harlon Crow can write off his whole super yacht.😐
Why? Because millionaire politicians funded by billionaires & corps write tax #law for billionaires. We need a #Congress for working people—not the .1%
This week’s topic in How to do your Canadian taxes is about multiple payee’s (or employers)..
If you are receiving multiple sources of income, your primary source of income should typically be the only one accounting for your personal amount deductions. Make sure secondary payee’s, (ex: CPP, OAS, or 2nd employment) are not also claiming these amounts for you through payroll or it’ll increase your tax owing at the end of the year.
"The modern #GOP is supposed to be pro-family, pro-tax-cuts and anti-“waste, fraud and abuse.” So why are #Republican#senators trying to tank a bill that is all three?
At the far end (for many goods) in #China, there is currently ongoing #deflation in factory gate prices;
But, at least presently, it would seem that #profits at various stages in supply chains (as well as regulatory costs inc. #taxes), are swallowing up any extra margin(s) that might be caused by such deflation.
So, it real wages are lagging #inflation, taxes are stable & its not the Chinese suppliers, whose pushing up prices?
Back to reading #piketty's Capital & Ideology (2019).
For a long while in the early modern era (in France at least) it sounds like the state had two main ways of raising money. Taxes on normal people, and borrowing from the nobles, who were exempt from many taxes. Which has a weird kind of symmetry. Either you paid the state a percentage of your production, or the state paid you a percentage of your fortune each year.
Washington is considering replace gas tax with controversial pay-per-mile program (www.kiro7.com)
Plug in or gas up, it doesn’t matter. The more you drive the more you pay.