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Tax Tips

Incentive to Form a C Corporation

Mar 03 2013
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We recently posted an article on our website that provides guidance on how to do business in California. While working with our clients to decide what legal structure best suits their business needs, we would be remiss to mention the tax savings available to investors in a C
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How Canadians Save Taxes While Working in the U.S.

Mar 01 2013
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At Gedeon Law & CPA, we regularly work with clients from Canada who come to work in the U.S. on a temporary basis. By temporary, we mean a work assignment generally lasting 2 years or less. A case in point, we recently started working with a journalist from a major Canadian
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Does TurboTax support filing the 1040NR form?

Feb 25 2013
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Tax form 1040NR is a federal tax form for non-U.S. residents who received any income (trade or business) from a U.S. source. This form is not included in any version of the tax preparation software TurboTax. In fact, none of the popular commercial software programs support either
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How to Get A Tax Deduction For Your Dry Cleaning

Feb 25 2013
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Most people know the IRS generally doesn’t let you take a tax deduction for dry cleaning your clothes. But if you are lucky enough to travel frequently on business, then the IRS gives you an opportunity to claim a tax deduction for dry cleaning as a travel expense. Case in
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Why US Taxpayers Should Avoid Holding Canadian Mutual Funds

Feb 20 2013
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A client of mine recently made the move from Canada to sunny Los Angeles. When I asked him if he left anything behind in Canada, he answered “just the snow”. Well, as it turns out, my client didn’t just leave the snow behind. He also left his Canadian brokerage
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US Tax on Your Canadian Investments

Feb 18 2013
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Canadian residents who emigrate from Canada are generally deemed to have disposed of their capital property equal to the fair market value on the date of emigration, with any resulting gain or loss subject to Canadian tax (“Departure Tax”). For Canadians emigrating to
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Get A Big Tax Write Off Playing Golf

Feb 14 2013
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The March 2, 2013 Celebrity Golf Classic event hosted by the Canada-California Business Council (CCBC) to benefit the March of Dimes Canada and ProCon.org will not only benefit two great charities but also counts as a 100% entertainment tax write off for golfers and spectators.
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New Simplified Home Office Deduction

Feb 12 2013
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The IRS has recently announced a simplified option that many owners of home-based businesses and some home-based workers may use to figure their deductions for the business use of their homes. Beginning with returns for 2013, which will be filed in 2014, taxpayers can write-off
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Need an ITIN?

Feb 11 2013
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With the new Individual Taxpayer Identification Number (ITIN) processing rules issued by the IRS in 2012, getting an ITIN will now require you to submit a copy of your Canadian passport certified by the Canadian government. If you cant make it to a Passport Canada office, then
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Strategies For Collecting Social Security Benefits

Feb 09 2013
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Social Security is designed to be a guaranteed, lifetime income source that you have been contributing to your entire working life. Most people are unaware of how Social Security retirement benefits work and what options they have for redeeming their benefits. Part of the reason
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