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Income tax News

IRS says the busiest day of tax season is right around the corner

Tax Day 2019, the last day to file your 2018 tax return, is Monday, April 15. The IRS began accepting tax returns on January 28 and taxpayers should have received all the forms they need in order to file by now.

Op-Ed: Taking a lighter look at paying taxes through the ages

In the United States, paying income tax is a right of passage once a person becomes old enough to work and draw a salary. We also earn the right to complain about how much we have to shell out to the government every year. But we have it easy.

Op-Ed: Taxation of U.S. MLP Distributions for Canadian Taxpayers

U.S. Master Limited Partnerships are an interesting opportunity for Canadian, yield-oriented investors. Most of them provide distributions above 6%. Unfortunately, many Canadians have been incorrectly informed about tax reporting requirements.

Op-Ed: Apple’s tax evasion disguised under economies of agglomeration

Disguised under the economies of agglomeration, giant corporations are having all the chances to evade its taxes by creating subsidiaries in low-tax countries – sidestepping income taxes.

It is a New Year and Tax Season is not too far away; file early! Special

San Mateo - While it may seem a bit early, spring time will be here soon and with it, tax season. This reporter heard about the American Taxpayer Relief Act of 2012 and was curious to learn more about it.

Apple paid 2% tax on $37 billion profits using legal tax schemes

Apple paid just less than 2% of income tax from its foreign profits in the latest fiscal year, as shown in the tech company's US regulatory filing recently.

Romney and the 47 percent — Who are they?

After the video of a Romney fundraiser surfaced yesterday and people began to digest his comments, some are asking themselves who are the 47 percent.

Report: Canada's taxman reveals waiters only declare 5% of tips

Niagara - The Canada Revenue Agency is targeting the underground economy and one of its targets was those who work in the restaurant industry. The study found that waiters only report between five and 10 percent of their tips to the taxman.

In answer to Cain's 9-9-9, Perry offers his own flat tax plan

After Republican presidential candidate Herman Cain set the bar with his 9-9-9 flat tax plan and his GOP competitors appeared to have nothing similar in response, Texas Governor Rick Perry introduced a hybrid 20 'flat' tax.

Op-Ed: Tax benefits for direct oil and gas Investments

Investing in oil and gas specifically can entitle you to a number of tax benefits. All these benefits can range from tax credits for prospecting and beginning of specified formations, to large in advance discounts for intangible drilling expenses (IDC).

Op-Ed: Be prepared for tax season — tax tips and reviews

Tax season is fast approaching and people need to be aware of some of the scams that are out there. Most people are willing to pay a tax prep fee to get their taxes prepared but why would you when you can do it yourself.

Christie wades in, criticizes Obama for class warfare agenda

Speaking at the Ronald Reagan Presidential Library and Museum on Tuesday, New Jersey Governor Chris Christie chastised President Obama for resorting to class warfare politics in his bid to get re-elected.

Filmmaker Ron Howard calls 90 percent tax era one of 'nostalgia'

Filmmaker and 'Happy Days' sitcom actor Ron Howard appeared on MSNBC and said he would support a higher tax structure for upper-income Americans, in line with President Obama's latest proposals.

Op-Ed: Why taxation is unnecessary

The super-rich on both sides of the Atlantic are appealing to their governments to tax them more to aid those less fortunate than themselves. The truth is, all taxation is totally unnecessary.

GE avoids paying federal taxes despite $14 billion in profits

While Congress is grappling with broad budgetary issues, General Electric managed to avoid paying any federal taxes even though the company made $14 billion in global profits.

Ontario residents to receive provincial income tax cut January 1

To offset the initial costs of the new 13 per cent Ontario Harmonized Sales Tax, effective July 1, 2010, Ontarians will receive an income tax cut on January 1, 2010.

Study: Most U.S. Corporations Pay No Income Tax

According to a government study released yesterday, the majority of U.S. and foreign companies doing business in America avoid paying federal income tax. The companies might pull in trillions of dollars worth of sales, but they don't pay out.

One For You, Nineteen For Me Says UK Tax Man

If there is anyone who we know for a fact is going to get the figures right, it;'s going to be tax man, but not for a group or hard workers in the UK. Around a million UK workers have been paying the wrong amount in taxes

Super-rich paying no Income Tax

Among the super rich in Britain earning more than £10 million, only 17 percent pay any income taxes. Some say their rich colleagues should pay more taxes, while others say, the rich take too many risks, hence deserve a break.

Income splitting being considered in Canada

Ottawa will consider allowing couples to split their income between spouse to reduce total income tax.
 

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Table comparing Canadian income tax rates on investments
Table comparing Canadian income tax rates on investments

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