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17.03.2021 in Business, Tax

Estimated tax payments: The deadline for the first 2021 installment is coming ups

Estimated tax payments: The deadline for the first 2021 installment is coming ups April 15 is not only the deadline for filing your 2020 tax return, it’s also the deadline…
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10.02.2021 in Business, Tax

2021 US individual taxes: Answers to your questions about limits

2021 individual taxes: Answers to your questions about limits Many people are more concerned about their 2020 tax bills right now than they are about their 2021 tax situations. That’s…
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22.01.2021 in Business, Tax

One reason to file your 2020 tax return early

One reason to file your 2020 tax return early. The IRS announced it is opening the 2020 individual income tax return filing season on February 12. (This is later than…
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07.01.2021 in Business, Tax

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.…
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24.12.2020 in Business, Tax

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…
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17.12.2020 in Business, Tax

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…
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26.11.2020 in Business, Tax

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…
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16.11.2020 in Business, Tax

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…
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09.11.2020 in Business, Tax

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…
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05.11.2020 in Business, Tax

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…
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03.11.2020 in Business, Tax

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…
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22.10.2020 in Business, Tax

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…
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15.10.2020 in Business, Tax

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…
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08.10.2020 in Business, Tax

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…
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05.10.2020 in Business, Tax

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…
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01.10.2020 in Business, Tax

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…
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28.09.2020 in Business, Tax

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…
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24.09.2020 in Business, Tax

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.…
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21.09.2020 in Business, Tax

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…
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17.09.2020 in Business, Tax

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…
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10.09.2020 in Business, Tax

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…
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07.09.2020 in Business, Tax

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…
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03.09.2020 in Business, Tax

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…
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01.09.2020 in Business, Tax

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…
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07.08.2020 in Business, Tax

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…
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04.08.2020 in Business, Tax

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).…
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28.07.2020 in Business, Tax

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…
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23.07.2020 in Business, Tax

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…
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22.07.2020 in Business, Tax

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…
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27.08.2019 in Business, Tax

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…
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22.08.2019 in Tax

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…
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06.08.2019 in Business, Tax

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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06.08.2019 in Business, Tax

Should you incorporate? Read on to find the answer.

Should you incorporate? Read on to find the answer. To incorporate or not to incorporate? The answer really depends on your particular situation, but we will cover some of the…
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20.07.2019 in Business, Tax

Exceptions to the US Residency Substantial Presence Test?

Exceptions to the US Residency Substantial Presence Test You will be considered a United States (US) resident for tax purposes if you meet the substantial presence test for the calendar…
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