The Taxman Is Coming
It’s now that time of year when you start putting the paper work together required to file your taxes.
The Taxman can be cruel but thankfully our good friends over at DioGuardi Tax Lawyers were looking out for our wallets when they sent us these ‘7 Interesting Tax Facts.’
When it comes to saving or making a little bit extra at “Tax Time” we’re glad DioGuardi filled us in with the “know”:
7 Interesting Tax Facts
1. People Like Doing Taxes
46% of Torontonians supposedly enjoy organizing their taxes, according to what a recent survey found.
2. People Use Their Refunds To Indulge
24% of Canadians use their tax refund to pay off debt. 20% will use their refund for investments. The rest use it to indulge on entertainment, renovations or vacations.
3. Don’t Do The Crime If You Cant Pay The Tax
A bank robber’s stolen cash can expect the taxman to come collecting come income taxes season, plus penalties on top.
4. It’s HOW You Get Your Bonus That Counts
A $10,000 bonus cheque from your employer reduces to approximately $5,400 after withholding tax is deducted. However, if that same $10,000 is directly deposited into your RRSP, you’ll enjoy the full $10,000.
5. Multiple Credits For Multiple Spouses
According to “101 Tax Secrets for Canadians” by Tim Cestnick, tax filers can claim credits for more than one spouse.
6. Celebs Convicted of Tax Evasion
Martha Stewart, Wesley Snipes,Willie Nelson, Nic Cage and Annie Leibovitz.
In 2009 Annie Leibovitz owed $2.1 million in unpaid taxes for 2004-2007 — Leibovitz was forced to hand over the copyright to every photo she had ever taken and ever would take, just to pay off her debts.
7. Unusual Denied Tax Deductions
Trips to Las Vegas and Arizona cannot be claimed as a medical expense even if a dermatologist recommends you to warmer climates.
The cost a football player is charged for balls he’s thrown into the stands cannot be claimed as an expense.