How do you calculate prorated depreciation?
When useful life is a consideration in calculating depreciation, companies have to divide that value by 12 in order to get the deprecation expense on a pr...
Category: Updates
What happens if someone uses your tax file number?
Compromised tax file numbers Your TFN and other personal information can be used to lodge tax returns and other tax forms, to receive refunds in your name...
How does a trustee withdraw money from a trust?
They can write checks or make electronic transfers to a beneficiary, and even withdraw cash, though that could make it more difficult to keep track of the...
Does a Canadian need a tin number?
Every individual resident in Canada who files an income tax and benefit return (or in respect of whom an information return has to be filed, such as by an...
Do you have to pay tax on a foreign gift?
Cash gifts from parents who qualify as foreign persons don’t subject the recipient to taxes. The recipient will not have a requirement to include the gift...
Who has the responsibility of taxation?
C1. 1 Taxing Power. Article I, Section 8, Clause 1: The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts ...
What expense category is reimbursement?
The cost of work-related travel, including transportation, lodging, meals, and entertainment that meet the criteria outlined in IRS Publication 463, Trave...
Does amortization get added back?
Amortization is always a non-cash expense. Therefore, like all non-cash expenses, it must be added back to net earnings while preparing the indirect state...
Why have I not received my financial aid award letter?
If you are worried, or if you have not received the financial aid award letter by mid-April, call the college’s financial aid office to ask when you shoul...
Is building a garage tax deductible?
If you work from home and dedicate part of the house exclusively to business, you can claim a tax deduction. The write-off is also available for the busin...
