The COVID-19 relief law: What’s in it for you?
The COVID-19 relief law: What’s in it for you? The new COVID-19 relief law that was signed on December 27, 2020, contains a multitude of provisions that may affect you.…
Read More Your taxpayer filing status: You may be eligible to use more than one
Your taxpayer filing status: You may be eligible to use more than one When it comes to taxes, December 31 is more than just New Year’s Eve. That date will…
Read More Maximize your 401(k) plan to save for retirement
Maximize your 401(k) plan to save for retirement. Contributing to a tax-advantaged retirement plan can help you reduce taxes and save for retirement. If your employer offers a 401(k) or…
Read More Steer clear of the wash sale rule if you’re selling stock by year end
Steer clear of the wash sale rule if you’re selling stock by year end Are you thinking about selling stock shares at a loss to offset gains that you’ve realized…
Read More Taking distributions from a traditional IRA
Taking distributions from a traditional IRA Although planning is needed to help build the biggest possible nest egg in your traditional IRA (including a SEP-IRA and SIMPLE-IRA), it’s even more…
Read More How Series EE savings bonds are taxed
How Series EE savings bonds are taxed Many people have Series EE savings bonds that were purchased many years ago. Perhaps they were given to your children as gifts or…
Read More Disability income: How is it taxed in the US?
Disability income: How is it taxed in the US? Many Americans receive disability income. You may wonder if — and how — it’s taxed. As is often the case with…
Read More Divorcing couples should understand these 4 US tax issues.
Divorcing couples should understand these 4 US tax issues. When a couple is going through a divorce, taxes are probably not foremost in their minds. But without proper planning and…
Read More Buying and selling mutual fund shares: Avoid these tax pitfalls
Buying and selling mutual fund shares: Avoid these tax pitfalls If you invest in mutual funds, be aware of some potential pitfalls involved in buying and selling shares. Surprise sales…
Read More What tax records can you throw away?
What tax records can you throw away? October 15 is the deadline for individual taxpayers who extended their 2019 tax returns. (The original April 15 filing deadline was extended this…
Read More There may be relief from tax liability for “innocent spouses”
There may be relief from tax liability for “innocent spouses” If you file a joint tax return with your spouse, you should be aware of your individual liability. And if…
Read More Conduct a “paycheck checkup” to make sure your withholding is adequate
Conduct a “paycheck checkup” to make sure your withholding is adequate. Did you recently file your federal tax return and were surprised to find you owed money? You might want…
Read More Why it’s important to plan for income taxes as part of your estate plan
Why it’s important to plan for income taxes as part of your estate plan As a result of the current estate tax exemption amount ($11.58 million in 2020), many estates…
Read More What qualifies as a “coronavirus-related distribution” from a retirement plan?
What qualifies as a “coronavirus-related distribution” from a retirement plan? As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain…
Read More Can investors who manage their own portfolios deduct related expenses?
Can investors who manage their own portfolios deduct related expenses? In some cases, investors have significant related expenses, such as the cost of subscriptions to financial periodicals and clerical expenses.…
Read More Student loan interest: Can you deduct it on your US income tax return?
Student loan interest: Can you deduct it on your US income tax return? The economic impact of the novel coronavirus (COVID-19) is unprecedented and many taxpayers with student loans have…
Read More Tax implications of working from home and collecting unemployment
Tax implications of working from home and collecting unemployment COVID-19 has changed our lives in many ways, and some of the changes have tax implications. Here is basic information about…
Read More Take advantage of a “stepped-up basis” when you inherit property
Take advantage of a “stepped-up basis” when you inherit property If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for…
Read More If you’re selling your home, don’t forget about taxes
If you’re selling your home, don’t forget about taxes Traditionally, spring and summer are popular times for selling a home. Unfortunately, the COVID-19 crisis has resulted in a slowdown in…
Read More Are US scholarships tax-free or taxable?
Are scholarships tax-free or taxable? COVID-19 is changing the landscape for many schools this fall. But many children and young adults are going back, even if it’s just for online…
Read More Will You Have to Pay Tax on Your Social Security Benefits?
Will You Have to Pay Tax on Your Social Security Benefits? If you’re getting close to retirement, you may wonder: Are my Social Security benefits going to be taxed? And…
Read More Work from home expenses
Work from home expenses As the pandemic drags on, most office workers are being asked to continue staying home. While more businesses are opening for in-person transactions, those who really…
Read More Government updates on CERB and CECRA programs – July 31, 2020
Government updates on CERB and CECRA programs On July 31, the federal government provided updates on the Canada Emergency Response Benefit (CERB) and the Canada Emergency Commercial Rent Assistance (CECRA).…
Read More CRA announces an extension to the payment deadline during the COVID-19.
From: Canada Revenue Agency News release July 27, 2020 The Canada Revenue Agency (CRA) is closely monitoring the COVID-19 situation, and is committed to supporting Canadians throughout it. The CRA understands…
Read More CRA’s tax audit of U.S. real estate transactions
CRA’s tax audit of U.S. real estate transactions By David Rotfleisch On June 25, Canada Revenue Agency (CRA) announced that it would carry out a tax review of six years of…
Read More IRS Steps Up Cryptocurrency Tax Enforcement Efforts
IRS Steps Up Cryptocurrency Tax Enforcement Efforts By Marcus E. Dyer, CPA, Esq., Withum – July 20, 2020 When the first versions of cryptocurrency were formulated back in the 1980s, scant evidence…
Read More Corporate Income Tax Rates – 2019
Corporate Income Tax Rates - 2019 The federal general (and M & P) corporate income tax rate remains 15 percent. Provincial and territorial general (and M & P) rates remained…
Read More How To Reduce Or Eliminate US Withholding Tax For Canadians?
How To Reduce Or Eliminate US Withholding Tax For Canadians? Have you heard of W-8BEN or W-8BEN-E? Read on to learn more. U.S. companies that make payments to non-US contractors…
Read More 2018 Budget Simplifies Passive Investment Rules
2018 Budget Simplifies Passive Investment Rule The 2018 federal budget introduced measures to simplify the new taxation regime for passive investments held inside a private corporation. These changes bring some…
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