Essential Tax Facts – A Great Tax Resource

Essential Tax Facts 2011 Edition: Simple Tips For Preparing Your 2010 Tax Return And Saving Money The Rest Of The Year by Evelyn Jacks

The 2010 tax season is upon us and as such I have decided to check out various tax books from the local library.  I stumbled upon a useful tax book by author Evelyn Jacks titled Essential Tax Facts. It looks like she updates her book every year.  As with every tax book you read, make sure it is relevant for the current tax year as some tax rules are bound to have changed since the previous year.

If you are looking for a reference book with random tax tips, this is a great choice.  It is well written and easy to follow.  I would recommend skimming the sections pertaining to your current situation.  There is detailed tax information for folks of all ages and walks of life.  There is a specific section catering to employees, seniors, singles, families, etc.

To give you an idea of the type of tips you will find in this book, here are just a few examples:

“Provincial taxes are based on the province of residence on December 31”.  So if you move to another province, note that you will still pay taxes in the province you lived in on December 31 of the previous year.

“An employee can receive any number of non-cash gifts from the employer, up to a value of $500 annually, tax free.”

“Tradespersons may claim a deduction for the cost of new tools purchased for use in their job if they spend over $1,044 in a year.”

“While capital gains enjoyed on the sale of your principal residence are not taxable, losses incurred are not tax deductible, either.”

As you can see from the tips above, this book covers a wide array of topics regarding tax rules and ways to reduce your taxes.  Check out this book from your local library before you file your taxes to ensure you are maximizing all the tax credits and deductions that are available to you.