Financial Advice From TurboTax Canada

January 1, 2014, 12:48 pm

≫ Next: Teach Your Children About Taxes – Pre-teens & Young Kids

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New Year Tax Strategies

Now that the new year has arrived, there are only about four months before the deadline for filing taxes passes. This means that you have very few options for lowering your tax bill. The best of these options is making charitable contributions to approved charities.

However, making charitable contributions is not the only way to reduce your tax bill. The following are some strategies provided by TurboTax Canada for reducing your tax incidence.

1) Contribute to your RRSP (Registered Retirement Savings Plan).
If you have not yet maxed-out on your contribution limit, you can get a tax deduction for every dollar you save in your RRSP. This is one of the most effective ways of lowering your taxes.

2) Save through a TFSA (Tax-Free Savings Accounts).
Saving through TFSAs is recommended because the interest earned is tax exempt. When you start …

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Teach Your Children About Taxes – Pre-teens & Young Kids

May 30, 2014, 6:14 am

≫ Next: Tax Breaks And Deductions For Your 2014 Tax Return

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We finally get to wave good-bye to old man Winter and get ready to welcome in the Spring. One additional season that takes place around this time, is tax season. It is that time of year when everyone is busy gathering up information and organizing paperwork in anticipation of the April 30 deadline. I myself keep on top of taxes all year round by filing all my slips and receipts within a huge accordian file as I receive them. When March is at its end, I am ready for it! Having tools like TurboTax Canada makes preparing my return quite a painless, quick, and easy process.

What I call an accordian may be a shoebox to you, as long as it holds all your receipts and important documents. However, in a shoebox they will all be piled up on top of one another and disorganized. Now you have to lay …

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Tax Breaks And Deductions For Your 2014 Tax Return

March 30, 2015, 1:54 pm

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Unfortunately, filing taxes could prove more difficult for taxpayers this tax year. Individuals have to worry about the requirements set forth by the Affordable Care Act (ACA). And Taxpayers will receive less support from the IRS thanks to scaled back support by phone. Plus, the deadline is fast approaching at the moment. But don’t get too nervous.

One thing to keep in mind is that sales tax is deductible in many cases, which is useful for residents of certain states. When a state doesn’t have an income tax, such a deduction can prove useful. Likewise, the same applies to states with lower income taxes. Congress thankfully extended this sales tax deduction in time for it to apply to a taxpayer’s 2014 tax return.

Insurance premiums from a mortgage are deductible for most Americans. For this deduction, taxpayers must meet two requirements. They must have taken the loan out since 2006, …

The post Tax Breaks And Deductions For Your 2014 Tax Return appeared first on Free TurboTax Canada 2014 to 2017.