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How to Pay Dividends: Completing the T5 Slip and Summary

Ronika Khanna CPA,CA

The T5 dividend slips are generally due by February 28th of the calendar year following the year in which the dividend was paid Although no income taxes are due at the time of filing the T5 slips with the government, interest and penalties apply for late filing. available at Amazon.

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Why a Big Tax Refund is Not a Good Thing

LyfeAccounting

But in today’s post, we’ll actually be explaining why having a huge tax refund or any refund at all is not necessarily a good thing and the reasons might surprise you. What is a Tax Refund? Well, it’s not just free money from the government (though it might feel that way). The Child Tax Credit or CTC.

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US Payroll Taxes Explained (Everything You Need to Know)

LyfeAccounting

Payroll taxes that only employees pay typically consist of: – Federal Income Tax. – State Income Tax. Payroll taxes that only employers pay typically consist of: – Federal Unemployment Tax. – State Unemployment Tax. Combined, 7.65% in FICA taxes. – Medicare.

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Copy Amazon’s $0 Tax Strategy! How to Write Off Taxes (Easy Guide)

LyfeAccounting

This basically means Amazon got a federal tax refund for millions of dollars. Over 91 Fortune 500 companies, including Nike, Netflix, and FedEx, don’t pay much in federal income tax, if at all. In this post, we’ll be uncovering how Amazon was able to completely write off taxes. How to Write Off Taxes Like Amazon.

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Top 10 Outrageous Things You Are Taxed On | You Won’t Believe This

LyfeAccounting

But in 1931, Capone was found guilty of 22 counts of federal income tax evasion and was convicted to 11 years in federal prison, in addition to $215,000 plus interest due on back taxes. You see, despite publicly displaying his wealth, Capone never filed a Federal tax return. And, we also offer tax resolution services.

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A Quick Guide to Payroll Tax Filings!

LyfeAccounting

Employees complete Form W-4 so that you (as the employer) can withhold the correct federal income tax from employee pay. If too little tax is withheld, the employee will owe taxes when they file their tax return. If too much tax is withheld, the employee will be due a refund when they file their tax return.

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Tax Credits You May Claim Now

MyIRSRelief

That’s why so many people choose to hire a tax preparer/ EA, Attorney, CPA, they don’t want the hassle of doing it themselves, and they trust an expert to handle their business. Tax credits to look out for. Earned Income Tax Credit (EITC). Small-business tax credits.

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