Blog Archives
Reading Time: 4 minutes Each tax season, many business owners and individuals discover they owe the IRS late filing penalties and/or late payment penalties. But, more often than not,
Reading Time: 5 minutes Filing your tax returns can be a very overwhelming process. The situation can add to the complexity when you file an extension for your tax
Reading Time: 3 minutes With inflation going up, people get pushed into higher income tax brackets as well. To regulate the impact of inflation, the income tax bracket gets
Reading Time: 3 minutes As the new year is approaching, the deadline to file your tax for 2023 is near. It is estimated that the IRS starts accepting tax
Reading Time: 4 minutes With the right tax strategy, your business can avoid paying a sizable sum of taxes to the government. Companies that heavily invest their thought processes
Reading Time: 3 minutes Do you have a bank account, investment or security assets in a foreign country? Do you know by law every US Person (US Citizen, US
Reading Time: 7 minutes You might have read and enjoyed our recent article on the Top 5 Reasons People Change Accountants, and while it’s great to know what we
Reading Time: 3 minutes What is Foreign Tax Credit? As a US citizen or US permanent resident tax payers receiving earnings from foreign countries or US possessions, you may
Reading Time: 4 minutes What is Dual Status? If you are a resident alien AND a non-resident alien within the same tax year* then you achieve dual status.
Reading Time: < 1 minute Yes, and let me tell you why and how. There are many negative consequences associated with unpaid taxes, especially if they have been building up
Reading Time: 6 minutes Investments in physical capital, human capital, and research and development (R&D) have various tax implications. Tax credits are available for R&D expenses and they are
Reading Time: 6 minutes The price of a training program is deductible as an employee expense. Your current skills or qualifications that are related to your employment must be
Reading Time: 5 minutes A vehicle is one of the costliest things to possess, both as far as a beginning venture and progressing upkeep costs. Luckily, there are successful
Reading Time: 3 minutes We have compiled several important US Tax Residence rules that every Canadian should know and understand when visiting the United States or even stay in
Reading Time: 2 minutes The tax rate (10%, 12%, 22%, 24%, 32%, 35% and 37%) for the year 2022 has remained the same. They are following the same pattern
Reading Time: 3 minutes With new year, new taxes are upon us. In this post, we have discussed all the deadlines to file your tax returns on time. Filing
Reading Time: 2 minutes A TFSA is not considered tax-free by the IRS in the U.S., and income earned in a TFSA is reportable andtaxable on a current year
Reading Time: 2 minutes Canada does not have an estate inheritance death tax. The estate is considered a sale by the CRA which means that it’s the estate that
Reading Time: 6 minutes Moving to The U.S. with Canadian Investments Moving to the U.S. From Canada can be a strenuous task, especially if you have investments in Canada
Reading Time: 2 minutes The 2021 tax brackets in comparison to 2020 tax brackets increased around 2% due to indexing. The new tax law passed in 2017 maintains the
Reading Time: 3 minutes Filing and paying your taxes on time in 2021 is way easier when you know the due dates and when you have a great CPA.
With our expert team, strong code of ethics, clear vision and passion, we strive to meet our clients’ financial goals
For assistance in planning and transferring your US assets to Canada please contact our colleague Phil Hogan, CPA, CA, CPA (CO) at 250-661-9417 or via email at phil@philhogan.com
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