Pftown- Articles and Information about Business and Finance.

As tax-time approaches, many people feel they need to have a ‘professional’ do their taxes. Either to save time, or make sure they get every deduction available. In some cases this is true, but there are cases to the contrary.. Read the rest of this entry »

(NC)—Be aware that your personal data is far more vulnerable to theft during the race to get things done at tax time.

Common mistakes include disclosing your Social Insurance Number (SIN) in e-mails, postal communications, or in telephone conversations when getting help to fill out your tax forms, or RRSP applications. Innocent oversights such as these make life so much simpler for criminals to first steal, and then make use of your identity for personal gain.

Your name, date of birth, address, credit card, SIN number and other personal identification numbers can be used to open credit card and bank accounts, redirect mail, establish cellular phone service, rent vehicles, equipment, or accommodation, and even secure employment. Read the rest of this entry »

While taxes may seem overwhelmingly complicated, many people end up losing a significant amount of money not from the complicated issues, but due to simple mistakes. These mistakes can easily be avoided by taking a few extra minutes to check your tax return to make sure you haven’t forgotten important points and taken all the tax credits that are available to you. Here are some issues to make special note of as you are filling out your tax return this season: Read the rest of this entry »

How much do you pay in taxes every year? I can bet many of you don’t have any idea. You may think you can just look at your tax forms for last year and have the answer. I guarantee that would be just the beginning
Just take a look at the below list of various taxes and do the math yourself:

Federal Income Taxes - Uncle Sam is currently taking between 15% and 39% of our Adjusted Gross Income to pay for what ever it is that they spend money on in Washington. The main point I want to make here is that many people feel that because they received a refund, they didn’t pay any taxes. For some people, this is true. However, the vast majority of people that receive a refund are just getting back the money they already paid in through withholding, minus the taxes they owed. HOW MUCH DID YOU PAY LAST YEAR?

Income Tax Preparation - Yes, I consider the cost of having our taxes prepared by a professional as a tax. If the federal tax code was published in english, maybe more of us could prepare our own taxes.

Social Security - 15.3% of your income goes directly to the federal government for social security and medicare and is conveniently deducted from your paycheck. The myth about your employer paying half is just that. If you weren’t required to pay social security, that is another 7.65% that your employer could pay you.

Sales Taxes - Unless you live in a state that doesn’t have a state sales tax, this costs you around 6% to 7% of every penny you spend. Wouldn’t it be nice to buy something for $99.95, hand the clerk a $100 bill and get a nickle back.

Property Taxes and Real Estate Taxes - These taxes can run into the thousands of dollars a year. I know, there are some places you aren’t required to pay these taxes either, however, you can bet they get this money in other ways. Before you renters start smiling, remember that your landlord has to pay these taxes. Want to guess where he gets the money? Read the rest of this entry »

The next time you go shopping, hold on to your receipts. It will make it a lot easier to return those leopard-skin pants you purchased in a moment of midlife madness. And even if you decide to keep the pants, the receipt may help you lower your tax bill. A corporate tax bill approved by Congress last week gives taxpayers who itemize the choice of deducting state and local sales taxes or state income taxes on their federal tax returns. The bill is expected to be signed by President Bush. Read the rest of this entry »