There is another tax scam going on nowadays targeting people especially taxpayers with foreign names. The people conducting the tax scam have been threatening people with deportation, arrest, and/or prosecution of lawsuit if a payment is not made. The scammers…
I’ve spoken to many attorneys, individuals, and business owners and the recurring theme seems to be with foreign account holders is that they won’t get caught because they feel to have “small” amounts of money overseas or they feel there…
How to deduct your home office expenses regardless if you are a Sole Proprietorship, LLC, Partnership, S or C Corporation. So the IRS lists out two basic requirements for us to take advantage of this deduction. First is that there…
US Citizens Living in CANADA! Tax Implications: Tax Free Savings Account – TFSA & Registered Education Savings Plan Having a Tax Free Savings Account or for short TFSA has a great tax advantages for Canadians because similar to a ROTH…
Canada and US Sourcing Rules – Inbound Taxation: Effectively Connected Income (ECI). Exclude your U.S. Source business income if you are a Non-Resident Alien for tax purposes. Generally, the due date of the of your U.S. Non-Resident alien Income Tax…
Welcome to Modi CPA! This is my first video on a series of Tax Topics. We already have plenty of Tax blogs on our website at ModiCPA.com, but as some people are more visual, thought this would be a cool…
April 15th is the typical deadline for filing Individual tax returns (1040) and for partnership tax return (1065) but if the deadline falls on a Saturday, Sunday or a legal holiday, then the due date is the next business Monday.…
As a small business owner, you want to ensure you are getting the most out of your money and not leaving anything behind. We like to explain clients in the following manner, if your tax bracket is at 20%, for…
For all those individuals wondering that if you can still make a contribution to a retirement plan, don’t worry if you haven’t set up a retirement account by December 31st, 2015. There is still time to contribute to a retirement…
Because the general rule is that income is taxed where it is earned. For example: Tracy Mcgrady (one of the greatest basketball players of all time - a possible future of Hall of Famer). Think about all the times he…
