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U.S. Tax on Canada/Australia Rental Property

Dec 14 2014
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It’s no surprise many Canadians and Australians moving to the US choose to rent out, rather than sell, their properties back home. With a strong rental market and housing price valuations in cities like Toronto, Vancouver, Sydney and Melbourne, the return on investment from
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Am I a US tax resident?

Dec 14 2014
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Most Canadians and Australians who move to the US easily know their immigration residency status. What they do struggle with, however, is their residency status for US income tax purposes. While its common knowledge that US citizens and green card holders are responsible for
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Can Foreign Spouse Claim U.S. Social Security?

Dec 01 2014
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We were recently engaged by an American client who wanted to know if her Canadian spouse can claim her U.S. Social Security spousal and survivor benefits. Our client, Joni, is a retired American musician eligible for Social Security benefits.  Joni recently married Mitchell, a
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IRS Announces Changes to RRSP Reporting

Oct 08 2014
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It’s not often the IRS reduces the information taxpayers need to report with their tax return. Luckily for Canadians, however, the IRS did just that yesterday when it announced Canadians no longer need to report their RRSP and RRIF accounts on Form 8891. Before getting too
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IRS Helps Canadians With Unreported FBAR Accounts

Jul 01 2014
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With today being Canada Day, there are many reasons for Canadians to be happy. Whether your’re relaxing with a cold Molson at the cottage or following the NHL Free Agent Frenzy to see how good(or bad in the Maple Leafs case) your team did in the free agent market, Canada Day is a
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Claim a Charitable Donation as a Business Expense

Jun 01 2014
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Can you really claim a charitable donation as a business expense instead of as a charitable contribution? With a little creative tax planning, the answer is yes. If you fall into one of the following scenarios then, then this strategy will be advantageous to you: a)      You
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Get A Tax Deduction For Your Vacation Home

Jun 01 2014
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Wouldn’t it be nice if you can get a tax deduction for your vacation home? In this article, we’ll show you how we helped one of our clients turn their vacation home into a tax deductible business asset. Now, we have to warn you, the laws are complex and even the slightest
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Why an S Corp Needs to Reimburse its Owners Travel Expenses

Feb 24 2014
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Do you incur business related travel expenses on behalf of your S Corporation? Are you an employee of the S Corporation? Do you have your S Corporation reimburse you for these travel expenses? If you answered yes to the first two questions and no to the last question, then you
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How to Deduct Rental Property Losses

Feb 24 2014
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Are you showing a tax loss on your rental property investment? Are you unable to deduct the loss because your income is over $100,000? Do either you or your spouse not have a full time job? If you said yes to all three of the above questions, then either you or your spouse should
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Beware The Tax Impact of Incentive Stock Options (ISO)

Feb 24 2014
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At Gedeon Law & CPA, we deal with a lot of clients who are issued Incentive Stock Options (ISO) by their employers. Recently, one of our client’s who works at a well known video game developer contacted us about exercising some of her ISO. The company’s shares are currently
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