How Determine On Your Canadian Tax Computer Software Program: Difference between revisions

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Latest revision as of 23:14, 29 August 2025

One more week until Tax 24-hour period. Have you filed yours yet? I haven't (probably should get on that, actually), while using the I read in USA Today that roughly 47% of Americans won't even need to worry about paying federal income taxes, I start to wonder if I should even bother. Oh sure, there's the threat of prison time for tax evasion, but really, exactly what is the point if half the damn country isn't going to pay up and leave scot-free?

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If you add a C-Corporation to your business structure you can help to eliminate your taxable income and therefore be qualified for those types of deductions by which your current income is simply high. Remember, a C-Corporation is its own individual tax payer.

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If acquire a national muni bond fund your interest income will be free of federal income taxes (but not state income taxes). One does buy scenario muni bond fund that owns bonds from home state this interest income will be "double-tax free" for both federal assuring income charge.

Canadian investors are subject to transfer pricing tax on 50% of capital gains received from investment and allowed to deduct 50% of capital losses. In U.S. the tax rate on eligible dividends and long term capital gains is 0% for those in the 10% and 15% income tax brackets in 2008, 2009, and yr. Other will pay will be taxed at the taxpayer's ordinary income tax rate. Could be generally 20%.

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In 2003 the JGTRRA, or Jobs and Growth Tax Relief Reconciliation Act, was passed, expanding the 10% income tax bracket and accelerating some on the changes passed in the 2001 EGTRRA.

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