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Tax Tips

How To Fully Deduct Your Holiday Party

Nov 13 2012
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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
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Deduction for Personal Car Used for S Corporation

Nov 07 2012
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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
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What you need to know about the new 3.8% Medicare Surtax in 2013

Aug 16 2012
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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
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Health Savings Account (HSA) Payments By S Corporation

Aug 09 2012
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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
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How a TFSA is Taxed In the US

Aug 05 2012
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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 In particular, the initial amount contributed as well as income earned in the plan is tax free, even when it is withdrawn.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
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Do You Need To Keep Expense Receipts?

Aug 05 2012
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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
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Do I Pay U.S. Taxes on My RRSP Withdrawal?

Aug 05 2012
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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
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Do I Pay US Tax on My CPP/OAS Income?

Aug 05 2012
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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
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