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Frequently asked questions

Welcome to NJ Accounting Consultants Inc.'s FAQ! Here, we've compiled answers to some of the most common questions about taxes and financial matters. Whether you're wondering about tax deadlines, deductions, or the difference between tax evasion and tax avoidance, you'll find the information you need right here.

  • I Just Got Married, Do I Have to File a Joint Tax Return with My Spouse?
    In Canada, you cannot file joint tax returns. Married or common-law couples file separately.
  • Tax Deductions vs. Tax Credits: What's the Difference?
    Tax deductions reduce taxable income, while tax credits directly reduce the amount of tax owed.
  • What Happens if I File My Taxes After the Deadline?
    Filing taxes late incurs a penalty of 5% of your 2023 balance owing, plus 1% of your balance for each full month your return is late, up to a maximum of 12 months. It's essential to file on time to avoid these penalties.
  • Tax Evasion vs. Tax Avoidance: What's the Difference?
    Tax evasion is illegal and involves not declaring true income or falsifying information on tax returns. Tax avoidance, while legal, involves minimizing taxes within the bounds of the law. NJ Accounting Consultants Inc. promotes tax planning, using legitimate methods to reduce taxes while adhering to legal principles.
  • Do I Have to Pay Taxes on My Side Hustle?
    Yes, income from side hustles is taxable. It's essential to report all earnings to avoid penalties for tax evasion.
  • When Do I Have to File My Taxes?
    You should file your taxes by April 30th, 2024, which is the deadline for most Canadians. However, if you or your spouse/common-law partner are self-employed, you have until June 15th, 2024. It's crucial to note that if you owe taxes, it's wise to file and pay by April 30th to avoid interest charges.
  • Is There a Higher Chance I'll Get Audited by the CRA If I File Online?
    No, the method of filing does not affect the likelihood of being audited. However, certain factors may increase audit risk, such as significant changes or inconsistencies in tax filings.
  • Is TurboTax Worth It?
    TurboTax and other tax software can be helpful for filing taxes, but whether it's worth it depends on individual preferences and needs.
  • Tax Refund vs. Tax Return: Are They the Same Thing?
    No, a tax refund is the money returned to you if you overpaid taxes, while a tax return refers to filing your taxes.
  • What Are My Marital Status Options for Tax Purposes?
    Options include married, living common-law, widowed, divorced, separated, or single. It's crucial to update your status with the CRA if it changes.
  • How Long After I File Will I Get My Tax Return?
    Electronically filed returns typically result in refunds within two weeks, while paper returns may take up to eight weeks.
  • What if I Need Some Help While Doing My Taxes?
    NJ Accounting Consultants Inc. offers personalized tax assistance and guidance to ensure clients accurately file their taxes. With experienced professionals and innovative tools, we're here to support you every step of the way.
  • If I File My Taxes and Forgot a Tax Deduction, Credit, or Made a Mistake, Is It Too Late?
    No, it's not too late. You can make adjustments to your tax return even after filing. This ensures you claim all eligible deductions and credits accurately.
  • What Are Some Tax Credits I Should Know?
    Some tax credits to be aware of include the home buyers' amount, donations and gifts, tuition, education, and textbook amounts, and interest paid on student loans.
  • Do I Have to Pay Taxes on My Cash Gigs & Tips?
    Yes, any income earned, including cash gigs and tips, is subject to income tax. Failing to report this income constitutes tax evasion, which is illegal.
  • How do I add a new question & answer?
    To add a new FAQ follow these steps: 1. Manage FAQs from your site dashboard or in the Editor 2. Add a new question & answer 3. Assign your FAQ to a category 4. Save and publish. You can always come back and edit your FAQs.
  • How do I edit or remove the 'Frequently Asked Questions' title?
    You can edit the title from the FAQ 'Settings' tab in the Editor. To remove the title from your mobile app go to the 'Site & App' tab in your Owner's app and customize.
  • Can I insert an image, video, or GIF in my FAQ?
    Yes. To add media follow these steps: 1. Manage FAQs from your site dashboard or in the Editor 2. Create a new FAQ or edit an existing one 3. From the answer text box click on the video, image or GIF icon 4. Add media from your library and save.
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