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There is a first-time for everything from the first time you ride a bike to the first time you were left home alone. While sometimes new things are fun, other times they can be quiet overwhelming. For many young Canadians, filing their tax return for the first time can be one of these overwhelming experiences. Having...
In 2013, the U.S. government provided recognition to same-sex couples as ‘married’ at the federal level. This allowed them to file their federal tax returns as ‘Married filing Jointly’ instead of ‘Single’ qualifying them for the more favorable Joint tax bracket as well as various employer group benefits (For details read: Same-sex couples to be treated as...
The Surface Transportation Act was passed in 1982 to address concerns about the surface transportation infrastructure (highways and bridges) across the United States. For the fiscal year 2016 budget, the government proposed to allocate a significant amount towards this Surface Transportation Act of 2015. Unfortunately, the government failed to arrive at a conclusion regarding the...
In Budget 2016, Prime Minister Justin Trudeau replaced the Universal Child Care Benefit (UCCB) with the Canada Child Benefit (CCB), with an objective to support growth and development of the middle and lower classes to build Canada. The Canada Child Benefit (CCB) amount is adjusted to include inflation. Here is a summary by AG Tax professionals on Canada...
Often taxpayers using a portion of their house, garage, or basement as a home-office are advised to claim a business expense tax deduction for the space used as office. However, it is always advisable to take into consideration a future sale scenario of the house as depreciation and re-capture rules may apply. Also, a common misconception is...
As a US taxpayer, it is always prudent to notify the US Internal Revenue Service (IRS) in case there is a change to the taxpayer’s name, address or any incorrect information on record that needs to be rectified such as responsible party or principal officer, or any other tax-related information to ensure that IRS has...
Not many taxpayers would be aware that they have the right to seek information from the Canada Revenue Agency (CRA) regarding their tax audit, or about details of an assessment done by the Canada Revenue Agency to understand if the Canada Revenue Agency made a mistake, or if a filed return was indeed wrong. Knowing...
Now that most people have filed their tax returns, it is likely that many taxpayers would be receiving mail from the U.S. Internal Revenue Service (IRS). Some notices are for informational purposes only, which do not require a response, while some notices require immediate action. It is advisable that taxpayers should check all mail received from...
The Internal Revenue Services (IRS) website can be very useful for obtaining not only common tax-related information, but also for obtaining information regarding tax payments. Taxpayers can spend days searching for answers regarding certain tax queries, when they can easily find such information directly on the IRS website. Here is a brief overview, prepared by AG Tax professionals, of many...
In 2014, the US Government passed the taxpayers Bill of Rights to protect a taxpayer’s fundamental rights when dealing with the IRS (For more information read: Make Way for the U.S. Taxpayers’ Bill Of Rights). Here is a brief overview of these tax rights covered under the taxpayer bill of rights prepared by AG Tax...
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