Our Financial Blog

Stay updated with the latest financial news, trends, and tips to minimize your tax liability.

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Dec 20, 2023

How to pay for education from tax free savings accounts

Tax-Free Savings Accounts (TFSAs) are a popular investment vehicle in Canada that allow individuals to save and invest money without paying taxes on the growth or income generated within the account. TFSAs were introduced in 2009 as a way to encourage Canadians to...

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Nov 19, 2023

How a health savings account affects your taxes

Health Savings Accounts (HSAs) are tax-advantaged savings accounts that are designed to help individuals and families save money for medical expenses. They were introduced in 2003 as part of the Medicare Prescription Drug, Improvement, and Modernization Act. The...

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Oct 18, 2023

What is the child tax credit in 2024?

The Child Tax Credit is a tax benefit provided by the government to help families with the cost of raising children. It is a credit that can be claimed on a taxpayer's federal income tax return and can reduce the amount of tax owed. The purpose of the Child Tax...

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Sep 15, 2023

How does an S corp save taxes?

S Corporations, also known as S Corps, are a popular business structure that combines the benefits of a corporation with the tax advantages of a partnership. An S Corporation is a legal entity that is separate from its owners, known as shareholders. It provides...

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Aug 25, 2023

Are savings account taxable?

Savings accounts are a fundamental tool in personal finance. They provide individuals with a safe and secure place to store their money while earning interest. The interest earned on savings accounts can help individuals grow their wealth over time. However, it is...

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Jul 3, 2023

small business tax saving ideas

Tax savings are crucial for small businesses as they can significantly impact the bottom line. By implementing effective tax saving strategies, small business owners can reduce their tax liability and keep more money in their pockets. In this article, we will...

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Jun 7, 2023

How long should you keep tax records?

Tax record keeping is an essential part of managing your finances and ensuring compliance with the Internal Revenue Service (IRS). It involves keeping track of all the documents and information related to your income, expenses, deductions, and credits. While it may...

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May 23, 2023

Can you save taxes by paying student loans faster?

The burden of student loan debt is a reality for millions of Americans. As graduates enter the workforce, they are faced with the challenge of repaying their loans while also managing their finances. However, there is a silver lining in the form of the student loan...

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Apr 19, 2023

How much should a 1099 independent contractor save for taxes?

Being a 1099 independent contractor comes with many benefits, such as flexibility and the ability to be your own boss. However, it also comes with the responsibility of understanding and managing your tax obligations. As an independent contractor, you are not an...

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Mar 13, 2023

How to invest inheritance money to save taxes?

Tax planning and wealth preservation are crucial aspects of financial management. By effectively managing taxes and preserving wealth, individuals can maximize their financial resources and achieve their long-term goals. This article will provide a comprehensive...