Divorce Tax Exemptions
Question: Im a divorced guy, and earned about $15,000 in Quebec, Canada last year. What tax exemptions exist for me ?
What are the criterias for reducing income tax ? What is a tax write-off ? Is my estimation that on $ 15,000. of declared income in Canada, I would have to pay around $ 2000 income tax ? I don’t own a home yet, and live mostly in my truck when the weather is warm enough to save on rent and attempt to save toward a cabin.. Is there a way to be creative with one’s taxes ? Besides personal criteria for tax exemption, how much can I donate to charity or to an individual doing charitable work ? Can I write off any percentage of what I would pay in income tax toward my 20 yr old son’s college or univeristy education ? I am almost constantly driving and traveling when I do sales work.. Are there bills or receipts I am supposed to keep during the year that are helpful toward tax exemptions ? My commercial art business is not yet officially registered. To qualiify for tax exemption, is there an advantage to having your business registered or is it ta disadvantage ?
Answer: You can donate up to 75% of your net income. The non-refundable tax credit is 15.25% of the first $200 that you donate and 29% of the rest.
If your 20 year old son attended post-secondary education and received a T2202a for the tuition, HE has to claim it first if he has income to apply it against regardless of who paid for it. If there is any left after he claims his maximum, he can choose either to transfer it to you or to carry it forward until the next year.
You are self-employed. Sorry, I don’t have much experience with small business. It would be difficult to determine which percentage of your vehicle is used primarily for work and which part for personal…
You may need to speak to a tax professional or accountant to see what exactly you would qualify for as you get your business up and running.
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Common Tax Questions During a Divorce
File Taxes Single Or Married
Question: if Married, is it more convenient to file taxes as “single” or “married”?
I just got married and next year will be the first time I will file taxes. In case of a divorce in the future, is it better if now I file taxes still as single or it doesnt make a difference if I file as married?. If I know that a divorce will be easier to get in the future if I filed my taxes as single while I was married then maybe that is something I should do. Please, help me on this. I love my husband by I would like to know this for general information.
I knew I get a tax break, we both have FT Jobs, but in terms of making a divorce easier and faster, would it be better to start filling as single or married. Thank you.Answer: If you do not have a full handle on your husbands financial situation, file as MFS. You are give 3 years to amend into a MFJ return if you decide later that you want to.
The MFJ wildcards are if your hubby forgets to tell you about all of his income, he fudges deductions or, oops, has back taxes, a student loan in default or a child he forgot to to tell you about.
The IRS intercepts refunds for back taxes, loans and child support. While there is an injured spouse form, it takes ages to process and many people are unhappy with the amount.
For missed income and flunked audits, the IRS can and will hold you liable for the debt on any MFJ return. The IRS is NOT bound by the divorce decree or even sincere promises that the ex-hubby will pay the money back. (The Innocent Spouse form is not a guaranteed solution to getting out of the debt.)
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Paying Taxes : How to File Taxes as a Single Person
Tax Married Filing Separate
Question: does filing separate and married on your tax returns affect bankruptcy proceedings?
on my tax returns i marked married filing separate would it have been better to file married joint or does it not really matter.i am how ever filing joint on my bankruptcy.
Answer: No.
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File Jointly
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The girlfriend and I are looking at getting a house, possibly next year, and I was wondering if it’s possible for us to file jointly to our combine income and awesome credit scores.
Answer: No, you are not required to be married.
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Tax Filing Single Vs Married
Question: Does filing taxes as Head of Household VS Single matter?
Hi,
I am single and I don’t have any dependents (never married). But I pay for all my household expenses including rent, utilites, groceries, travel, etc., which costs more than half of my monthly paycheck dollar amount.
I filed as Head of Household last year but I came to know this year that it’s not the correct way of filing taxes if you are single without dependents. Is this true? Does it really matter? Should I be worried about getting audited by IRS? My annual income is in the lower to mid $40K. Would it matter for someone with higher income than this?
Please advice.
Thank you.
Hi,Thank you all for your answers. But what if I am single and I support my family who lives in other country. Do I still file as single?
Thanks!
Answer: Yes it does matter. As the other three have stated you have to have a dependent or qualifying relative to claim Head of Household. You may never get audited for last year but be prepared to pay back the difference plus penalty and interest if they do audit you. If you don’t want to take that chance you can file an amended return and pay back the difference. If you do this you won’t have to pay a penalty or interest.
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Marriage and UK tax system (17Jan10)