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Tax Tips

Tax Reasons to Put Your Spouse On Payroll

It’s hard to find trustworthy and reliable employees these days. But you may not have to look farther than your bed to lure a great employee. Hiring your spouse as an official employee in your business can not only help solve your staffing problems but it can also provide
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Is a Wrongful Termination Settlement Taxable?

We recently represented a client in her wrongful termination lawsuit against her former employer. The case was eventually settled out of court and we recovered a settlement of $75,000 for our client. As part of the settlement process, our client wanted to know what the tax
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Are My RRSP Contributions Deductible in the USA?

A while back, we published a newsletter on deducting 401(K) contributions for purposes of Canadian taxation. Now we turn our attention to whether or not contributions to an RRSP are deductible for purposes of US taxation. Praneil is a dual US-Canadian citizen who has been living
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Use Two Cars To Maximize Your Tax Deduction

With the start of the new year, you’re probably wondering what new tax strategies you can implement to help you increase your tax deductions for 2013. In keeping with one of our main goals at Gedeon Law & CPA, we endeavor to help our clients convert as much of their
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How to Deduct Your Commuting Mileage

For most folks, commuting mileage is a non-deductible expense – unless you know the little tax trick I’m about to reveal. No one enjoys fighting rush hour traffic every day, twice a day, and all you have to show for it is gas money down the drain and wear and tear on
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US Tax on Inherited Canadian Property

Question: I am a US resident and my parents back in Canada left some property for me in Canada when they died in early 2012. I sold the property in 2012. What are the tax consequences of inheriting and selling this Canadian property? Answer: You will potentially need to report
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How To Benefit From Your Charitable Donations

I recently put together an article on how a business owner can take a tax deduction for renting out their home to their company for a business meeting. You don’t, however, have to be a business owner to get a tax break for renting out your home for a meeting. By reading
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How To Write Off $14,000 To Hold Business Meetings In Your Home

This little tax tip I’m about to share will let you write off an extra $14,000/year for your business while putting the money in your pocket tax free. At this time of year, you are probably thinking it’s time to hold your annual board of director, partnership or
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Cross Border Tax & Financial Planning

Temporary and permanent cross-border movements increase not only your tax complexity but also the complexity of your investment management and financial planning. Poorly managed cross-border relocation can result in a disjointed financial plan, which can result in increased
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