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Seek a professional - Advice from me (pg. 3)
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| Jem_hadar |
Never forget, that money was yours anyways. If you'd paid LESS source deductions off each paycheck throughout the year, youd have gotten LESS back now... or maybe owned some money.
So really, do you wanna do w/ less $$$ each paycheck and get a large sum once a year at tax time, or have more each paycheck and have to received back or pay out a little bit around april 30th or sooner.
Most ppl pick the first bc psychologically it feels better to them to receive alot at tax time and loss a bit extra each month.
either way, you paid the guvernment the same amount! :D
Jem |
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| ChocolateTrance |
| quote: | Originally posted by nusty
However, The stocks were from other investments that were time to be cashed out to meet other needs. Hence the Captial gains on those options are what killed me on taxes this year. |
ohhhhh i thought you were talking about capital gains from exercised options on the stock of your own company which didn't seem to make a lot of sense... sounds like you know what you are doing though...good luck :) |
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| Jem_hadar |
EDIT:
But going to see a professional or having someone (eg. often some bookkeepers) that is well verse in personal income taxes is good if you have non-basic returns, bc they are some things one who knows all could over look, and then you'd miss out on getting some extra (due) monies back (ie. taking advantage of tax credits/deductions)
Jem |
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| Jem_hadar |
JUST FYI:
MON MAY 1ST
Is the DEADLINE to file your income taxes this year!
Don't miss it people!
Jem |
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| nusty |
| quote: | Originally posted by Jem_hadar
EDIT:
But going to see a professional or having someone (eg. often some bookkeepers) that is well verse in personal income taxes is good if you have non-basic returns, bc they are some things one who knows all could over look, and then you'd miss out on getting some extra (due) monies back (ie. taking advantage of tax credits/deductions)
Jem |
yeah I have to have a guy review my international taxes since I have to file both business and personal forms in the both Canada and the US. Since I earn income on both sides of the border it makes it fun to figure out who is owed what and what I can claim back from whom. Also moving money around to different funds saves me a fair chunk of change given certain investments fit into different tax brackets. This is where I do my best but also know that without doing this stuff all year round it pays to have an expert in international taxes check it over and make additional suggestions. |
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| Euphorica |
| quote: | Originally posted by Jem_hadar
Never forget, that money was yours anyways. If you'd paid LESS source deductions off each paycheck throughout the year, youd have gotten LESS back now... or maybe owned some money.
So really, do you wanna do w/ less $$$ each paycheck and get a large sum once a year at tax time, or have more each paycheck and have to received back or pay out a little bit around april 30th or sooner.
Most ppl pick the first bc psychologically it feels better to them to receive alot at tax time and loss a bit extra each month.
either way, you paid the guvernment the same amount! :D
Jem |
frikken eh. people are always excited for tax returns...well ya kind of makes sense, but the money was yours to begin with. the amount you couldve made from interest of from other investments was lost cause the govt had it right away. you are better off keeping your moeny and paying taxes in instalments or at the end of the year.(not always possible for most) |
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| nadezhda |
| quote: | Originally posted by muzzybear
If you're your own employee, and you work in "enterainment" (club promotion, media whatever!), you can write off gas (keep the receipts and estimate the kms for "transportation"), if you go to movies or pick up rentals - then they're "research" - clothes and hair as "supplies". I worked freelance for 4 years... mint! |
yeah, my friend writes off all the movies she sees cos she works in film. i was hoping to be able to claim my ridiculous magazine addiction as research, which essentially it is. although, it is fun research! :D but is this only if you're self-employed? boo to that! |
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| TO guy |
| Yeah, there aren't too many deductions available for employees. |
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| DJ_Science |
| quote: | Originally posted by nusty
create a business and put all of your earnings into it. I counted a huge amount as a capital loss against a business. yeah it costs 60 bucks in Ontario to register a business but thats really not that much when you think about how you can now claim part of your rent as office space if you have a desk area there somewhere and meals are 50% deductable as long as they are work related. (wendy's meals only ended up costing me like 2.50$) Gotta be careful to do it by the book and document everything but in the end it can really pay off.
I still ended up paying out my ass for various stock options that were cashed in over the year though. |
How many years have you done this in a row? I have been told that if any buisness writes itself into a loss to many years in a row Revene Canada will start to investigate. They do it specifically to prevent people from doing what you are doing. |
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| Endlesswave |
Mine were done by my aunt, banker.
I got some back from the damned Gov...only b/c I threw some in an rsp...hah. |
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| nusty |
| quote: | Originally posted by DJ_Science
How many years have you done this in a row? I have been told that if any buisness writes itself into a loss to many years in a row Revene Canada will start to investigate. They do it specifically to prevent people from doing what you are doing. |
I did all the way through university with new companies and it was all done by the book. They can investigate me all they want I didn't break any laws or even bend them. I even did the last one through the Ontario Summer Company program.
I reinvested a huge portion of the earnings into the business (because it's sole prop, those investments are mine) and wrote off the expenses as capital losses. In the end I did less than 30,000 dollars worth sales last summer with that new company so it did not have to pay out taxes on earnings. (it was that company's first quarter of sales)
a lot of respectable companies report losses for thier first few years. Starbucks for example lost millions in it's first few years after Shultz bought it and started expanding it before it finally got out of the red... the whole time they were using the money they were making to reinvest back into the company.
There are lots of ways to legally pay less taxes, some of them just take more work and creativity than others. ;)
In the end I have been told by a revenue canada agent that Canada wants to support small business because it knows that as the business grows larger it will be worth more in taxes.
It should be noted that this was not a fake company... The company was registered with the Ontario Gov't, had sales, and even additional employees, all on the books. |
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| Jem_hadar |
| quote: | Originally posted by DJ_Science
How many years have you done this in a row? I have been told that if any buisness writes itself into a loss to many years in a row Revene Canada will start to investigate. They do it specifically to prevent people from doing what you are doing. |
No way. Ive never seen that... now I may depend on what kind of losses you're creating and what kind of losses are existing in the TYPE of business yuo're saying you run.
All that mess nutsy listed is 100% legit and valid. Thats the way it works. You can claim a % of (most) all homse expense (related to the building itself...
Meals, claiming a portion of them is right too. |
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