Rules and Restriction With Our Taxes

The US-Canada Tax Convention signed in 1980 or more commonly called as the Tax Treaty covers the foreign tax credits where individuals are protected from double taxation. Cross border tax services are essential in providing the guidelines for the rules and regulations of cross-border taxes. Let’s assume we have, Savers, a Canadian manufacturer, who wants to test the US market and sent down a sales representative. The tax rules and regulations are as follows: Subject to federal US tax. The Internal Revenue Code (IRC) enforces universal corporate income tax on a foreign corporation which is “engaged in trade or business” within the US Trade....

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How to Identify Your Tax Filing Status

Without knowing the right tax filing status, you could end up paying more tax than you should or worse, you could end up filing for a wrong one. Selecting the right tax filing status can have a great impact on the tax benefits that you receive; the amount of taxes that you pay or the amount of your standard deduction. Currently, there are five filing statuses for you to choose from. Most people can claim a filing status erroneously but in good faith. The filing status that is mostly filed in error is the “Head of Household” status. In choosing the right filing status, firms such as AP Tax Group advice that you consider the following: Marital status. In considering the marital status, one must realize that the status of the person on the last day+ of the year represents his or her status...

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