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Tax Tips

$3,000 CA New Jobs Credit Available For 2012

Feb 05 2013
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How would you like a tax credit of up to $3,000 for each new employee you hired in 2012? Even better, how would you like this credit if the only employee you hired was yourself? Well, thanks to the State of California, a credit of $3,000 for every new full-time employee –
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Sale of Canadian Home by an American

Feb 05 2013
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We recently received a call from a U.S. citizen married to a Canadian citizen. The couple lives in Canada and owns a home in Toronto together. Recently, the couple sold their Canadian home, which has been their primary residence for the last 11 years. The couple had purchased the
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Let Your Business Pay For Your Child’s College Nest Egg

Jan 30 2013
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Wouldn’t it be nice if your business can take a tax deduction for funding your child’s college education? Well, if your child is older than 6 years old, then this article will show you how Uncle Sam can help subsidize junior’s college education. Moreover,
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Convert Your Air Miles into a Business Expense

Jan 25 2013
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So I’ll be flying to Australia in the coming months on business. Over the years, I’ve been accumulating a lot of frequent flier miles with Qantas. This upcoming trip got me thinking. Is there a way my corporation can take a tax deduction if I use my frequent flier
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How to Write off Your Super Bowl Party

Jan 22 2013
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It’s that time of year again when people are starting to plan their Super Bowl parties. That got us at Gedeon Law & CPA thinking, how can our business clients claim a tax deduction for spending time with friends and family while watching over-hyped commercials and
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Need Help with W-2’s and 1099’s?

Jan 18 2013
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As January 31 approaches, we would like to remind you that it’s time to prepare and furnish information tax forms such as W-2’s, 1099-MISC and 1099-DIV to your employees, independent contractors and/or shareholders. If you use independent contractors to perform
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Selling America by the Loonie

Jan 18 2013
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With the strong Loonie, there’s a lot of Canadians investing in US real estate. But US real estate is not the only investment Canadians are making south of the border. A lot of Canadians are investing in US brokerage accounts to buy and hold US securities. Believe it or
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What’s A Reasonable Salary For S Corp Owners?

Jan 16 2013
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Ask most people why they want to operate their business as an S corporation and the most common answer you’ll get is they want to save on self-employment taxes. With payroll taxes increasing in 2013 due to new legislation impacting social security contributions and the 0.9%
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How the Fiscal Cliff Deal Affects You

Jan 11 2013
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What would the New Year be without a new set of tax rules? Well, Congress didn’t disappoint this year and as most of you know, Congress recently approved, and President Obama signed legislation, that averted the fiscal cliff arising from the expiration of the Bush era tax
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How To Give Yourself (& Your Employees) Tax-free Lunches

Jan 10 2013
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With the right tax planning, you can provide tax-free lunches to you and your employees. As a rule, to deduct the cost of the lunches, the lunches must be furnished to the employees on the business premises by the employer for the convenience of the employer. Convenience of the
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