Cross Border Tax Services and More: 5 Reasons Why You Need a Business Accountant

From frequently changing tax laws to complicated cross border tax services planning, preparation, and filing, there are no two ways about it – whether you are a small start-up just getting off the ground or a relatively well-established business, you definitely need a dedicated business accountant.

Here are some of the reasons why you need a business accountant (that go beyond being a cross border tax specialist:

• Improve your credit rating. Paying your bills on time helps improve your credit rating. Having a dedicated business accountant who will keep track of your payment deadlines to make sure you are on top of things is absolutely important.

• Help you manage your finances. Not all of us are great with numbers. Sure, we might understand the big picture side of things, but when it comes to the nitty-gritty of finance, an extra pair of expert hands is a big help. A business accountant will help you with the leg work of managing your finances and looking over your numbers so you have more time to focus on the big picture – like implementing a strategy to grow and expand your business, for example.

• Help you with cross border tax services. As mentioned above, a business accountant can also serve as your very own cross border tax specialist. This role is invaluable because this person will help you keep track of changes in tax laws, help you maximize the tax benefits available to you, and dedicate their time and effort to help you with cross border tax planning and preparation, among other things.

• Save you time and money. Having a business accountant will be able to save you time simply by virtue of assuming financial responsibilities that used to be yours and taking them off your plate. On the other hand, a skilled business accountant will not only save you time but also save you money – a lot of money – by virtue of helping you in planning your taxes and providing you with expert advice when you’re making decisions regarding the finances of your business.

• Plan for the future of your business. This is, arguably, one of the greatest benefits of having a business accountant. A business accountant will not only help you in the day to day finances of your business (and the dreaded tax planning and filing), they can also give you that much needed advice when you’re trying to plan the direction in which to take your business next. A business accountant can help you make informed decisions about your business’ future by help you take a step back and look at the past and current situation of your business.

Needless to say, having a business accountant is a must these days, especially with the global economy that has made the issue of cross border tax and investments that much more complicated. If you are a business looking for growth and expansion or, at the very least, maybe improve the delivery of your services and smoothness of your operations, a dedicated business accountant is one of the most important individuals you need to have in your organization.

Read more »

4 ways a Cross Border Tax Specialist can help you with Cross Border Tax Services

Let’s admit it, nobody enjoys filing taxes. It’s a stressful process that, if given a choice, most businesses and individuals would prefer to delegate to someone else who has more experience with its ins and outs – a specialist or an expert, so to speak - and this is especially true when it comes to cross border tax services between the US and Canada.

Here are four ways how a Cross Border Tax Specialist can help you with Cross Border Tax Services:

• Provide you with much needed expertise. Cross Border Tax is complex and it can be very daunting to someone who is unfamiliar with the myriad laws applicable for US and Canadian individuals, corporations, partnerships, estates, and other entities. A Cross Border Tax Specialist will provide you with the much needed expertise on cross border tax issues.

• Keep track of changing tax laws. Tax laws are frequently changing and whether you’re an individual working across US and Canadian borders or a Canadian business owner investing in the US or vice versa, it’s practically impossible to keep track of the changing laws and requirements on top of everything else that you need to deal with in your everyday activities. A Cross Border Tax Specialist will keep track of these changes for you and update you as necessary.

• Devote 100% of time and training on cross border tax. Cross border tax services from a specialist – or a team of specialists – offers you full time help in tax planning and preparation. This is not someone merely working on cross border tax services on the side or on a part-time basis. A cross border tax specialist devotes one hundred percent of their time and training on cross border tax services so you can rest assured that your taxes are being handled by someone who knows and understands the process like the back of their own hand.

• Maximize tax benefits. There are a number of tax benefits available to employees and business owners, however, most of these benefits are available only when taxes are done in a timely manner, otherwise, the benefit is lost. Of course, when you have to juggle all of your responsibilities, often taxes are pushed to the back burner until we’re almost out of time. By having a cross border specialist dedicated to this task full time, you can make the most of these benefits because you are assured that your taxes are prepared and filed in a timely manner.

Filing and preparing taxes can be challenging – even difficult, for some – but this does not have to be the case for you. With Cross Border Tax Services, a complicated and stressful tax-filing process is a thing of the past. You can focus on doing your work or managing your business and investments, while a Cross Border Tax Specialist dedicates their time and effort to manage this process for you.

Read more »

Complications of US and Canadian Tax Laws

The United States and Canada each has very distinctive systems of taxation. This called for both countries to sign the Tax Treaty. The rules on cross-border taxation between the two nations are covered in Article XXIV of the US – Canada Income Tax Convention, 1980 (Treaty). This treaty ensure residents of each country is not taxed by each of the two countries on the same income in the same year. However, residents from both countries are faced with challenges determining the US and Canadian tax laws. Filing US taxes in Canada is no easy task.

Cross Border Tax Specialist

• Tax obligations

        The US Foreign Account Tax Compliance (FATCA) has become part of the 2014 federal budget and recently became Canadian Law. FATCA requires Canadian financial establishments to send information of their US account holders to the Canada Revenue Agency, which in turn, will send the data to the Internal Revenue Services (IRS). Overdue tax returns should be a priority to avoid penalties and the IRS chasing you.

• Dual Citizenship and Taxes

         Obligations of Canadian taxation are based on residency status. Canada Revenue Agency (CRA) have guidelines and interpretations on the subject. The CRA reviews information on your residential ties to Canada, your place of residency, length of stay in Canada and a number of other factors to make its summary. Based on that result, you could be taxed or not.

         Complications usually arise if you are a citizen of another country, like the U.S., and classified as a Canadian resident or with dual Canadian citizenship. They are taxed based on their worldwide income regardless of their country of residency. But because of the tax treaty, residents of both countries get provisions and relief so they pay in one country and receive credit in the other for the taxes paid.

• Investments

         Many Canadian residents have been investing in Registered Education Saving Plans (RESPs) and Tax Free Savings Account (TFSAs). These investments are tax-free that grow within their accounts. This result in complications for Canadian residents who are also U.S. Citizens. These investments can be costly for U.S. tax purposes and do not provide the tax benefits under U.S. tax rules that do under Canadian tax rules. They do not get special treatment under U.S. domestic tax law or under the Canada – U.S. Income Tax Convention, which is why, the income generated by these accounts is taxable to the investor.

Another complication is that IRS considers RESPs to be foreign trusts, which means individuals must need to file IRS Forms 3520 and 3520A on an annual basis. Foreign trusts returns are complicated to prepare and compliance to these can become very costly.

Paying US taxes in Canada, despite complications, can be very beneficial. It actually guarantee you a good record of paying your taxes. US taxes in Canada, in addition, are protected by the rules of the treaty so it doesn’t have to be too difficult. For those with financial circumstances like filing taxes in Canada, there are quite a number of distinguished cross-border tax team who specializes in these scenarios.

Read more »

What a Cross Border Tax Team Comprises of?

There are instances where citizens buy, invest, work or move frequently across borders and have to pay taxes and make tax declarations in two or more countries. This is often the case for workers posted abroad, retired persons abroad or for people living in one country and working in another (cross-border). Each country has the right to impose its own tax rules, they may establish the tax rates that they wish. There are arising cross-border tax problems faced by individuals who are in this circumstance. Being overseas, individuals should be aware that different countries make sure that taxpayers meet their tax obligations.

A cross border tax specialist has the astute legal mind on cross-border structuring in terms of taxation. They can bring valuable cross-border experience and knowledge to sophisticated cross-border specific tax laws. Cross border tax specialist help international clients to achieve the significant tax benefits through their high expertise of the cross-border regime regarding residence and domicile. Moreover, cross border tax specialist understand the U.S. federal and state taxation laws and their interaction with Canadian tax principles, thus the resolution of cross border tax Canada-US.

WHAT A CROSS BORDER TAX TEAM COMPRISES OF?

• A personal relationship with clients

       They should work collaboratively with you to develop the right approach and solutions. Building a relationship is built on trust. They should actively participate on the team and be able to prepare complex personal and business tax returns. A strong commitment to client service is also important.

• Professionalism

         Cross border tax specialists must have completed accounting designation, preferably worked with US expatriates resident in Canada and cross-border business taxation. They have the ability to work in teams and alone in a fast-paced work environment managing multiple deadlines. Their ability to organize complex information to support research and tax preparation requirements is very helpful. They should have excellent analytical skills with the ability to identify issued and initiate their resolution on cross border tax Canada-US.

• Excellent time management skills

          Tax period is crucial. It demands an excellent time management skills where the cross-border tax team can workaround the schedule of countries on filing of taxes. They must be be able to meet the deadline and submit the proper supporting documents. Every client should be a top priority. They cannot be lenient because filing of taxes is under the rules of law and cannot be ignored nor delayed.

• Focus on details

          Taxation is about numbers. Strong attention to detail is highly required. A small mistake in computation or the number of days may have a negative effect on filing of your taxes. When they are focused on the work at hand, they can interpret US and Canadian tax laws and regulations and ensurethat any necessary charges are made to clients’ tax strategies and filing obligations.

• Confidentiality

          The cross border tax specialists must diligently protect their clients’ personal information. Failure to properly protect and secure confidential tax-related information could harm you. If cross border tax team practice confidentiality and give it a high priority in their relationship with clients, they can gain their client’s trust and confidence.

Read more »

Importance of Paid Time Off and Benefits

Are You looking at changing careers altother? The suggestions in this article will help you to develp a plan. There are several factors to consider, no matter what your situation. So, get prepared to learn some tips and tricks to help you with your employment situation. Do not be shy about your financial needs. When applying for a new job, If you know you will only be paid around ten dollars, ask for about fifteen. You may get lucky, this will tell your potential employer you feel deserve more and get more than the average salary. 

Cross Border Tax Canada-US

Be sure to present your qualifications for the job clearly in the text of your cover letter. After compiling your cover letter, take ample time to edit it. if they are looking for leadership skills, then you should try to include specific instances where you have exhibited leadership skills. You want it to be very appealing, while also remaining short and to the point. When hiring new employees, you have to try to strike a balance between skill sets. For example, don’t hire everyone who is a fast typist, and no one who is slower but more organized. Those organizational skills may save you at some point. If you have a plethora of different skills available, your business will be more capable of handling a larger variety of situations.

Little things like that can decide how you are perceived by your boss. For example, if you know that your boss likes to have coffee when he arrives in the morning it is a great gesture to ensure that a pot is ready when he usually arrives. Go the extra mile to make things easier for your boss. Make certain that you bring a list of your references with you on the day of the interview if you did not already list them on your resume. This list will help the interviewer get an idea of the person you are, as your references should include names and telephone numbers for follow-up.

Tax

If you work for yourself and does not have a cross border tax specialist, or are a subcontractor be smart about your income taxes. They are not taken out of your paychecks automatically so you will probably end up having to owe the help of an IRS at tax time. For this reason, it is a good idea to set money aside each month to make things easier when it is time to pay up.

If you are an employer looking to save a little when tax time comes, and you have a job that is pretty simple consider hiring a disabled worker. The federal government offers all sorts of cross border tax services benefits and advantages to doing so. This will save you a ton of money, and at the same time; the work is still getting done!
 

Use the suggestions you have just read to guide you in your employment decisions. As you can see, there are many considerations when planning an employment change. You will find that it is easier to make good choices if you are well informed. Make your plans carefully, and enjoy the career change!

Read more »

A Few Points to Ponder When Purchasing Real Estate Says AP Tax Group

It is becoming a common thing to purchase a real estate at some point in our lifetime that some are able to purchase more than once. Although buying a real estate is a common thing, only a number are educated buyers. The AP Tax Group has experience handling accounts for real estate many times that we learn the system of purchase. Now, we would like to share our experience.

Filing US taxes in Canada

We, of course have to start with the obvious “location location location” speech. For the most obvious reasons, location is a very important thing to ponder when purchasing a real estate because every lot has its unique variety to offer. Every state, city and even neighborhood may have their preferred rules, laws and culture. These areas may have very low or high taxes even within a few miles apart. We also have to consider the view. It’s true that location is indeed important to ponder backed with tons of reasons however, it isn’t supposed to be everything.

It’s a common thinking that you make money on real estate upon selling but a true and wise investor will tell you that you make money when you purchase. Money is made on both transactions. You will look for the best deal you can find when you buy that will make it easier for you when you sell. Negotiations will be your key. You would want to find a good realtor you can trust with your purchase. What AP Tax Group experienced is that you really don’t have to pay the given price. Don’t also hesitate or be afraid to insult the seller with a low offer. Another thing you have to know is that if they don’t agree with your offer, you don’t necessarily have to meet halfway or up your offer with their price. You will end up not being at par in terms of gains. If the property doesn’t draw bids of others, you may want to let the seller reconsider for a while. Usually, they result to a lower offer.

Cross Border Tax Services

For some, finding a diamond in the rough may be their ideal plan but really, you would want to do the contrary. Owning the best home in town can probably mean you over paid for it. The real estate around your property can actually affect its value. If it’s surrounded by properties with lesser value than yours, it brings your value down. On the contrary, finding a cheap price of property in an expensive neighborhood can very much increase the value of your property, applying some magical work on it. But you also have to bear in mind that every neighborhood has its limits on how high the price can go no matter how much money you have invested for the property. It is important to not exceed the limit so you won’t be throwing your money away.

Lastly AP Tax Group wants you to keep doing research before sealing any deal for your next property. Having your real estate can be your great step but it can cost you fortunes when you don’t do your research prior to purchasing. Remember to find a good realtor to advise you more for your great source of information to claiming your own real estate. Good luck!

Read more »

Your Guide to Filing US Taxes in Canada

Most countries in the world impose taxes only to citizens who are residents of the said country. Once the person leaves the country and work somewhere else, he or she is automatically exempted from paying taxes or even declaring their worldwide income to that country. Oddly, however, U.S. has a different law on taxation. Regardless of where a US citizen is residing or working, he or she is still required to declare his or her annual worldwide income and will still pay U.S. taxes.

For countries with which the U.S. has a special taxation agreement, such as Canada, this is not the case. Without such agreement, a person can be subject to double taxation which is more of a burden than a responsibility. In article XXIV of the Canada-U.S. The Income Tax Convention of 1980, rules governing taxation on various circumstances where Canada and US may claim their right to tax the same citizen or income are set out. These provisions exist solely from people being taxed twice.

When Filing US taxes in Canada, one should consider the following scenarios.

If you are a U.S. citizen and is residing in Canada, you may be exempted from paying U.S. taxes for your income earned from your work in Canada. In order to be a permanent resident of Canada, you have to live for at least five years in Canada. Although the term used is permanent, your Canadian residency status is not permanent. If you get out of Canada for a certain period of time, you will lose residency and you will have to reapply. In this case, you lose your U.S. tax exempted status. Worse, you could end up paying two taxes.

If you are a U.S. citizen and you reside outside Canada, you may or may not be exempted from paying Canadian taxes depending on the situation. If you are working within Canada and is earning from a Canadian company, then you are bound to pay Canadian taxes. However, if you are working for a U.S. company which is based in Canada, you can then be exempted from paying Canadian taxes.

The taxation rules that govern this have strict requirements and provisions. Failure to comply with the requirements can result in a person being taxed twice.

There are a lot of companies that offer assistance for filing US taxes in Canada. They employ lawyers and experts who are knowledgeable and experienced in the field. If in doubt, it is always a good idea to consult with these companies or enlist their services until you get a grasp of the whole process. The taxes each country can impose, when imposed at the same time, can be economically crippling. The taxation rules do not only involve taxes for income earned within Canada. It also involves business and establishments in Canada. Owning a business and being taxed twice is devastating.

Although the rules can pretty much be summed up to the conditions mentioned above, it may vary at a slight difference in certain details. Enlisting a reputable tax filing service is the best option for those without experience in filing US taxes in Canada yet.

Read more »