… and say the tax cuts favored the rich when it fact the biggest tax rate cuts were on the bottom. 15% to 10% = 5% The top bracket only went from 36.5% to 35% = 1.5%. I agree it’s more for the rich in dollar amounts but it was part of a stratagy to phase in a flat tax wich includes raising the standard deduction so the POOR WOULN’T PAY ANY income tax. but because of the knee jerk reaction of liberals it wasn’t continued. The inbalance cant be blamed on Bush anyway because its been that way for over 40 years. What did the Dems do about it all the times they were in power? Bush’s tax plan got rid of a lot of tax breaks that favored the rich like business meals and limo’s. His plan also implemented new tax breaks for teachers, so they could take the standard deduction and still deduct their teaching supplys, and raised the doubled the child tax credit. If Al Gore had his way the bottom tax rate would still be 15% instead of 10%.
the fact that congress was over spending had nothing to do with taxes since government revenue increase after the tax cuts were implemented.
how dumb is jw.? ask your great grand father how long the tax brackets have been around and how much less the rich were paying. Clinton had nothing to do with the surpluss it was the Repub. congress that cut taxes. Azzawalli is a close 2nd, tax revenue did go up its a fact. (gov. accounting office) ignoramous
how dumb is jw.? ask your great grand father how long the tax brackets have been around and how much less the rich were paying. Clinton had nothing to do with the surpluss it was the Repub. congress that cut spending. Azzawalli is a close 2nd, tax revenue did go up its a fact. (gov. accounting office) ignoramous

in his budget is a discouragement, Higher income tax, higher capital gains taxes and less deductions so the only people that can but stock and not get taxed are the poor who have a multitude of tax breaks. OH sorry I forgot the poor do not own businesses, buy stock or provide jobs unless you think like a liberal.

How have courts interpreted and applied the test for deductions ie "deductions cannot be made unless wholly and exclusively for the purposes of" the business for income tax (Section 34 Income and Other Trading Act 2005) and for corporation tax (section 74 income and corporation taxes 1988)?
Please give me answers in reference to Corporation taxes. What deductions can be made under Corporation Tax
How is the "wholly and exclusively" test applied in cases for corporation taxes?

I purchased a truck for my business and paid 1400.00 in sales tax. I use the truck 100% for business. What I was wondering is can I take the sales tax off of my income tax or is it included in the depreciation. Also I didnt keep a record of mileage for the year. Does that make any differance.

I am an incorporated consultant. My client(s) pay my corporation, my corporation pays me.
Last year, my corp. collected roughly 60k in income. It paid me about 40k gross before source deductions.
I had an accountant do up my taxes (I’m looking for another accountant, too many issues with this guy), and he listed 20K as a bonus payable.
My Corp. still has roughly 20K in my business account. I seems to me that to pay this bonus payable, I have to calculate with WinTOD & winRAS (Quebec), the source deductions (Fed/QC Income tax, QPP) on 20K and pay about 11K in source deductions (employee/employer) on this and that only leaves about 9K in my hands.
My question is, what are my other options? What can I do to maximize the amount of the 20K in my hands? Would it be better to leave it in the company and pay corp. taxes on it? Should I have my corp. buy something worth 20k and deduct it? I hope there are better ways to handle 11K then to sign it over to the gov. as source deductions.
Thanks.
Karen, this is the type of thing I’d prefer to do, but I’m a little confused on the accounting side of things.
Since I already filed the corp. tax return where the accountant listed the 20K as bonus payable on my balance sheet, I’m not sure if I’m now somehow obligated to pay source deductions on this, since I know WinTOD/WinRAS have a “bonus” option, or if I actually have to do anything with it at all.
It seems like if I just leave it in the company then the balance sheet I filed would be wrong, and I’d have to file an adjustment? Or claim it as profit next year?
But regardless, I’d like to know what kind of other options I have to remove 20K from a corp. bank account?
Can I have my corp deposit it into an RRSP in my name without taking deductions off it?

1. 5% National Sales Tax on ALL goods and services…
2. Eliminating our 10% tax bracket…
3. Exemption for adults up to the POVERTY LINE…
4. 1/2 POVERTY LINE exemption for children…
5. consolidating our tax brackets into three… first, from poverty line to MEDIAN household income would be our new 15% bracket… from MEDIAN income to our current 30% threshold would be our new 25% bracket, and from (THAT NUMBER) and over would be our 35% bracket…
6. Corporate taxes would follow the same as income tax…
7. Businesses would get an immediate write-off on all capital investment. NO DEPRECIATION!
8. The only deductions allowed in our tax code, because of the generous exemption, would be mortgagte interest, retirement savings, and charitable contributions…

I live in Ontario, Canada and I made 40,221.51 this year. I’m self-employed, and have 19,630.06 worth of business related deductions for 2007. Can anyone tell me how much income tax I will have to pay based on these figures? Also, what are the tax brackets? Thanks.

Which is fairer tax scheme that allows no personal or business tax deduction and is sufficient to cover state and federal taxes?

1) A national flat income tax where, for example, 10% is deducted from everyone’s income.

2) A national flat sales tax where everyone pays, for example 15%, on everything that is purchased.

Hi. If I incorporate or start my business in a state that does not have income tax, then does it matter if I claim any tax deductions for my business? Can I still realize any savings by claiming deductions in these states?

I would like to know if an income tax filer can claim the sales taxes paid on monthly utility bills for the state sales tax deductions for income tax?