6 Things You Didnât Know Were Tax Deductions
Here are a few surprising tax breaks that you wonât want to miss.
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Here are a few surprising tax breaks that you wonât want to miss.
The federal tax code includes some not-very-well-known tax deductions that can lower your tax bill or even increase your tax refund. Here are a few surprising tax breaks that you won’t want to miss.
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Introduction – Self-Employed Canadians May Not Have to
Repay the Canada Emergency Response Benefit & Interest Relief
for COVID-19 Income Support Recipients
In December 2020, the Canada Revenue Agency (CRA) issued over
650,000 letters to many self-employed Canadians regarding the
repayment of the Canada Emergency Response Benefit (CERB). In
particular, the CRA focused on contacting CERB recipients for whom
it could not confirm (1) employment or (2) net self-employment
income of at least $5,000 earned in 2019 or the 12 months prior to
applying to CERB, which is one of CERB s eligibility criteria.
Blockchain or Cryptocurrency Fraud - Cryptocurrency Fraudulent
Investment Schemes
The advent of blockchain technology and cryptocurrencies has
resulted in sudden fortunes for more than a few individuals. At the
same time, the technology and economics of the cryptocurrency space
are confusing and not well understood by the general public. This
creates an opportunity for scammers to exploit the public with a
path to riches whose credibility is difficult to evaluate.
Apart from outright scams, our clients have also informed us of
companies operating in the cryptocurrency space which have
incorrectly requested funds on the basis of Canadian income tax or
How the Stock Market Is Responding to President Joe Biden — And What That Means for Your Investments yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.
NBC 7 has reported on the fraud tied to the state s Employment Development Department (EDD). Some people have received multiple letters as part of an application process, but never received any money. Tulino says your tax return should only reflect money you actually got. You can still file a federal income tax return, said Tulino. Report only the income you received on that return.
Make sure to contact the state agency for unemployment that sent you a 1099-G form so they can issue a corrected form. That will help you avoid any issues with the IRS. The IRS gets that same form as well, said Tulino. That s a third party reporting form, that s the first thing.