More and more people have to travel for their jobs and many people do not realize that it is possible to deduct their travel expenses when they go to file their taxes. You may ask; “What are allowable mileage tax deductions?” Deductible travel expenses can include expenses incurred in an automobile, when flying, where someone … Read More “What are Allowable Vehicle Mileage Tax Deductions for 2012, 2013?” »
Category: About tax
“Give that Man Some Fiscal Cliff!” I worry sometimes. Sometimes a lot. I’ve been living in and outside the States for some years and one time as I was leaving, back in 2010, I knew for sure that upon looking back at my beloved country – our United States of America, within a short period … Read More “I Was A Fiscal Cliff Weakling” »
If you sell shares of SMALL CANADIAN CORPORATION, you may be able to take advantage of 750,000 capital gains exemption! Section 110.6 of the Income Tax Act (ITA) allows 750,000 tax-free capital gains to individuals. This exemption is valid for the gain on sale of shares of small business i.e. “qualified small business corporation share”, … Read More “Earn 750000 tax-free! – A capital gains exemption allowed by CRA” »
The United States Treasury Department is now actively working with more than 50 nations to share Americans’ personal financial data that will reveal who is tax compliant, including American expats living overseas. The effort is in support of new FATCA (Foreign Account Tax Compliance Act) laws that require foreign financial entities to report Americans’ account … Read More “Tick, Tick, Tick – US Now Collaborating with 50+ Countries to Retrieve Financial Data on US Expats” »
Shareholder Loans It has been widely common for the business owners to use their sole manager/director status to simply take funds for living from the corporation. Or, make the corporation pay for their personal expenses like home renovation or visa bills. Not wishing to declare it as personal income, but rather say that it was … Read More “Shareholder Loans – treatment by Canada Revenue Agency” »
If you earn your money on a self employed basis, and contract your time to a company rather than being hired directly by them, then your tax status is wholly distinct from the circumstances of someone who is a direct employee of the same company. When working immediately for a firm, the employer subtracts your … Read More “Understanding Contractor Tax” »
One of the hardest entities to go up against is the federal government. If you are unfortunate to be behind in your taxes, the government has a load of resources to use against you. It can be especially intimidating when you have to go head to head against them by yourself. It’s no wonder that … Read More “Exactly What To Do If The IRS Is Threatening To Garnish Your Paycheck” »
The IRS has declared filing three years back taxes is adequate for most US expat tax filers who are delinquent and there shall be no penalties for late FBARs (Foreign Bank Account Reports) from those who were unaware of the requirement to file. This brings a clarity and welcome relief to many American expatriates who … Read More “At Last – Great News From The IRS For US Expat Tax Filers Who Are Late Or Non-Compliant” »
If you are considering making a charitable donation of your car and the tax deduction is important there are a few important things you should do first. Check out the charity and make sure they are legitimate. Check the value of your vehicle through an appraiser or using an online tool like Kelly Blue Book, … Read More “Tax Deduction for Vehicle Donation” »
The short answer is maybe. Every year more and more homes house several generations. The return to multiple generations living under the same roof is because we are living longer and the cost of senior care is skyrocketing to the point that many families simply can not afford the cost of assisted living or nursing … Read More “Dependent Care Tax Credit for Care of Elderly Parents” »