Tax Tips for the Self-employed

by HART (1-800-HART)

The following is available on the IRS website; Issue Number: IRS Tax Tip 2012-16 There are many benefits that come from being your own boss. If you work for yourself, as an independent contractor, or you carry on a trade or business as a sole proprietor, you are generally considered to be self-employed. » Inline [...]

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IRS Reminds Parents of Ten Tax Benefits

by HART (1-800-HART)

The following is available on the IRS website: Issue Number: IRS Tax Tip 2012-15 Your kids can be helpful at tax time. That doesn’t mean they’ll sort your tax receipts or refill your coffee, but those charming children may help you qualify for some valuable tax benefits. Here are 10 things the IRS wants parents [...]

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Four Tax Tips Regarding Tip Income

by HART (1-800-HART)

The following is available on the IRS website: Issue Number: IRS Tax Tip 2012-14 If your pay from work involves compensation through tips, then the IRS would like you to be aware of a few facts about tip income. Here are four key points to keep in mind: » Inline Ad Purchase:  Intext Link

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Minister Shea highlights new tax credit for volunteer firefighters

by HART (1-800-HART)

The following information is now available on the CRA Web site: Prince George, British Columbia, January 20, 2012… The Honourable Gail Shea, Minister of National Revenue, accompanied by Bob Zimmer, Member of Parliament for Prince George – Peace River and Dick Harris, Member of Parliament for Cariboo – Prince George, today visited the Pineview Firehall [...]

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Top Tips Every Taxpayer Should Know about Identity Theft

by HART (1-800-HART)

The following is available on the IRS website: Issue Number: Special Edition Tax Tip 2012-12 Identity theft often starts outside of the tax administration system when someone’s personal information is unfortunately stolen or lost. Identity thieves may then use a taxpayer’s identity to fraudulently file a tax return and claim a refund. In other cases, [...]

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Minister Shea highlights new tax credit for parents

by HART (1-800-HART)

The following information is now available on the CRA Web site: Vancouver, British Columbia, January 18, 2012… The Honourable Gail Shea, Minister of National Revenue, today visited the University of British Columbia 4-H Community Club to promote the children’s arts tax credit, a new non-refundable credit passed in the 2011 federal budget. “Parents whose children [...]

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Automobile Benefits Online Calculator Is Available for 2012

by HART (1-800-HART)

The new Automobile Benefits Online Calculator effective January 1, 2012 is now available on the CRA Web site. The Automobile Benefits Online Calculator allows you to calculate the estimated automobile benefit for withholding purposes based on the information you provide that would be added to an employee’s T4 for 2012. T4130 – Employers’ Guide Taxable [...]

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The Treatment of Payments From Wage Loss Replacement Plans (WLRP) for Canada Pension Plan (CPP) Purposes Has Changed

by HART (1-800-HART)

Under new legislation that passed in December 2011, payments from an uninsured Wage Loss Replacement Plan (WLRP) are considered employment income and therefore, are subject to Canada Pension Plan (CPP) contributions. What’s new for Wage Loss Replacement Plans (WLRP) in 2012 » Inline Ad Purchase:  Intext Link

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Eight Facts to Help Determine Your Correct Filing Status

by HART (1-800-HART)

IRS TAX TIP 2012-09 Determining your filing status is one of the first steps to filing your federal income tax return. There are five filing statuses: Single, Married Filing Jointly, Married Filing Separately, Head of Household and Qualifying Widow(er) with Dependent Child. Your filing status is used to determine your filing requirements, standard deduction, eligibility [...]

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Canada Pension Plan changes for individuals aged 60 to 70 — January 2012

by HART (1-800-HART)

The following information is now available on the CRA Web site: Did you know…? Significant changes to the Canada Pension Plan (CPP) will occur in January 2012 to reflect the way Canadians are living, working, and retiring. The changes will affect both employees and self-employed workers aged 60 to 70. The changes will not affect [...]

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