Toll Free U.S. & Canada

1-888-473-7967

Tax Tips

How To Fully Deduct Your Holiday Party

It’s that time of year when you’re probably planning your company’s holiday/employee party. Having a holiday party is fun, especially when alcohol is being consumed. Who doesn’t love discussing those embarrassing holiday party moments on Monday morning
Read More

Deduction for Personal Car Used for S Corporation

So you operate your business as an S corporation. Like many business owners, you probably use your personal car to conduct business for the corporation. Say you make regular sales calls and drive a total of 30,000 miles a year. The car is registered in your own name, not the S
Read More

What you need to know about the new 3.8% Medicare Surtax in 2013

Beginning with the 2013 tax year, a new 3.8% Medicare “surtax” will likely apply to all taxpayers whose net income exceeds a certain “threshold amount.” This is currently expected to be $200,000 for single taxpayers and $250,000 for married taxpayers
Read More

Health Savings Account (HSA) Payments By S Corporation

S Corporations (Corp) produce several tax benefits as compared to sole proprietorships, partnerships, and C corporations. The big benefit, and the one that people usually talk about, is the payroll tax savings. Using an S Corp for your business can also carry tax detriments. With
Read More

How a TFSA is Taxed In the US

In Canada, the Tax Free Savings Account (TFSA) allows qualified individuals to be able to earn income on a tax-free basis. In particular, the initial amount contributed as well as income earned in the plan is tax free, even when it is withdrawn. While this may be appealing to
Read More

Do You Need To Keep Expense Receipts?

A business client of mine recently went through an IRS audit and was worried he hadn’t kept all the receipts for his business expenses. Does my client need a receipt for all his business expenses? Not necessarily, according to the IRS regulations. In fact, the IRS makes an
Read More

Do I Pay U.S. Taxes on My RRSP Withdrawal?

Does this situation sound familiar? You moved from Canada to the U.S and became a U.S tax resident. When you left Canada, you also left your RRSP account open. If you are like many Canadian ex-pats who have left their RRSP’s behind to grow tax free in Canada, then you may
Read More

Do I Pay US Tax on My CPP/OAS Income?

Whether your Canada Pension Plan (CPP)/Old Age Security (OAS) benefit from Canada is taxable in the USA depends on which country you reside in. If you are a resident of the USA, then your benefits are only taxable in the USA. The IRS treats CPP/OAS as the equivalent of US social
Read More