Tax penalties are fees for misrepresentation or late payment of taxes, in addition to taxes owed. Underreporting or late payment can result in penalties, and tax fraud can lead to imprisonment. It’s important to be honest and seek advice from an accountant or tax lawyer, and to create a payment plan with the IRS if […]
Tax incidence determines which group pays a tax, with some taxes passed on to other groups. Each step in the chain adds to the tax burden, with one group usually paying the majority. Corporate product taxes often fall on retailers or customers, but in some cases, the burden may occur further up the chain. In […]
The Dividend Tax Credit in Canada reduces the tax citizens pay on dividends from Canadian businesses. There are two types of dividends, eligible and ineligible, and the tax credit varies for each. The credit helps avoid double taxation and is non-refundable. The effective tax rate on dividends has decreased, making investing in Canadian companies more […]
Tax refund loans, also known as instant tax refunds, are criticized for deceptive marketing and high interest rates. They are not real refunds from the IRS, but a company writes a check for the refund amount minus fees. While the US government seeks restrictions, tax refund loans are legal. It’s important to know what services […]
