ACCOUNTANT EXPLAINS How to Pay Less Tax
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- Опубликовано: 1 июн 2024
- Tax is one of those things where some planning really moves the needle when it comes to saving hundreds, if not thousands of dollars. If you are saving up for vacation, a wedding, a car, a house - you might be saving on the day to day things that cut down on a few dollars like eating out. But, taxes can range anywhere from 20 to over 50% of your income. So with that in mind, let’s jump into ways you can pay less tax and keep more money in your pockets for the things that will make an impact in your life
00:00 Intro
00:44 How Taxes Work
05:33 Paying less tax as Employees
06:22 Paying less tax for Businesses
08:04 Non-taxable Income
If you are content creator, consultant, or have an online business with more than $100K up to $1M in revenue, reach out to our tax specialty CPA firm at: www.balanceandwealth.com/cont...
Disclaimer: Note this video is not financial nor accounting/tax advice and should be used for entertainment purposes only. Consult with your own financial advisor, accountant and/or tax advisor for advice related to your specific situation.
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Gabrielle is a CPA and Tax Expert, as well as the founder of Balance + Wealth CPA, a licensed CPA firm that specializes in Tax. Prior to starting her business, Gabrielle worked as a Tax Manager at one of the Big 4 Accounting Firms for 7+ years, advising Fortune 500 companies. Gabrielle posts weekly videos on personal finance, business finance, and tax tips.
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If you are content creator, consultant, or have an online business with more than $100K up to $1M in revenue, reach out to our tax specialty CPA firm at: www.balanceandwealth.com/contact-us
i made 30 k usd online rep to employee retention credits and two jobs total income around 60 k for 2023
For the most part, unless your income is a lot more sophisticated than the regular worker's income (only employment and maybe some passive income), your only 'tax minimizing' options come from the tax deferred investment accounts like the RRSP, FHSA (actually a tax deduction).
Hi Gabrielle, great video thank you! I have never heard of the T2200 before this. Would love a short vid about that form, it sounds interesting. I really appreciate all this videos and what I have learned has been making a felt impact on my life. Thanks again!
thanks for the info,
Very useful! Thanks!
Love your videos! Do you have any good books on tax 101? I'd love to read on along side your videos. Starting out and want to use tax write offs to my advantage.
Thank you!
Subscribed!! you are awesome! I will def contact you! Thank you Gabrielle!
as always, did my tax on very last day. bad habit but happens every year.
Hi Gabrielle. Sorry off topic here but can you tell me how hard is it to submit my previous year capital losses? What is the process?
I would love to know any tax tips for a full time Uber eats driver.
Hi, I just got my BBL for my OF. Is that a business expense that can be written off? Obviously investing in my cakes helps my channel so I think it is a business expense!
Great vid thanks, so if I’m self employed and my net income is 10k and then i put 5k into TFSA , only 5k of my net income will be taxable?
Contributions to a TFSAs are not tax deductible - you can only grow your income tax free
Hi there! I just have a question re: taxes on my RRSP. To get to the point, I hold VEQT and bit of VFV for a little more U.S exposure. Now even with reinvesting the dividends, am i correct in saying that I will only be taxed when I withdraw the capital? IE: I won't be taxed on the dividends until they are withdrawn (as I'll obviously be reinvesting them). Thanks in advance!
Let me say that all growth in your RRSP grows tax free..... if you withdraw before moving it to RRIF you will have to declare any amount withdrawn as regular income and taxed at your marginal tax rate. When in your RRIF, the required minimum amount withdrawn will also be declared as regular income. The same goes for any amount above the required minimum. The moral of the story, you will be taxed on everything as it comes out....... it's just taxed deferred .
My sales commission checks are over taxed, hence I get big income tax returns. But how can I prevent that?
Hi quick question. What do you think on pursuing Accounting degree at the age of 38 old. Is it to late by the time I finished college would be around 42ish. What are your thoughts?
Still have 23 more years to work 🤷
And please take into account that the population of Canada is aging and, therefore, the government has no other option but to increase the retirement age.
Somebody has to work, if we do not have enough young workers then older people cannot retire.
It makes me think that in 30 years from now the retirement age will be 70+.
So, even more years to work 🥵
Answering your question in short words: no, 38 is not too late to change career.
I'm from BC can you do my tax?
BF missed one big one CHNAGE!
With all the hidden tax’s you didn’t add on with is still tax!!! It is over 60% for most working people!!!!!!!!
lol She already explained thats not the case lol. You must be a reichwinger lol Learn math