International Tax Accountant in Canada I am an International Tax Accountant in Toronto, Ontario, Canada. Below, I discuss how I can help with:• Non-resident corporations doing business in Canada• Canadian corporations expanding outside of Canada into international markets• Non-residents selling Canadian real estate• Non-residents that have earned Canadian employment income If any of these situations apply to you, then this article...more
Cost Segregation - Tax Deductions (The tax code allows deductions from gross income) By understanding business tax deductions, business owners may enjoy personal benefits from business expenditures - a nice car to drive, a combination business trip/vacation, retirement savings plan - if they follow the myriad tax rules.The tax code allows deductions from gross income, which reduce income taxes. Increasing tax deductions reduces taxable...more
There are various situations that a person finds themselves in throughout their lives where they need to seek out the advice of a professional in a particular field. The legalities associated with certain taxes take on this distinction due to complex laws that have been in place to protect both the consumer and the federal government.There are situations where you want to seek out the legal advice of a quality tax attorney because certain tax laws just cannot be deciphered unless looked at by a professional tax attorney. These attorneys are trained and certified to oversee a great deal of technicalities involving taxes and the law.One of these technicalities would be if you have a taxable estate or if you need to file an estate tax return. Concerns about your tax bracket, whether the estate is in your name, and whether or not the estate is your primary point of residence are all individual issues that would be must too time consuming and too difficult to interpret from a non-educated human being. This is a situation where the attorney would step in and offer his professional advice about your legal situation regarding your taxes.Another important area where the legalities of taxes...more
It may sound like an obvious answer, but the best states for tax sale overages are ones that actually have them. Did you know that in about half of the states in the U.S., when more is bid at tax sale than is owed in back taxes, the overage escheats immediately to the government? In the rest, the overages are held for at the very least six months...more
"Can you make money buying tax deeds to properties?" The simple answer is: of course! If you are able to get a property at tax deed auction for a low enough amount, and the buyer doesn't redeem the property in the year waiting period afterwards, and then you are able to sell the property for a profit, then yes: you can make money buying tax deeds...more
If you are interested in or working in the real estate industry, you've probably heard the term "deed grabbing" at some point. Deed grabbing is the method of obtaining tax sale property without attending the auction - by approaching the owners of tax delinquent property just before they are about to permanently lose the property, and offering to buy their home for a fraction of its value.The term "deed grabbing" was probably coined by the large tax property investing companies who buy these properties at tax auction. Deed grabbers and big tax property companies aren't friends. Often, deed grabbers grab deeds right out from under these big tax sale companies, just before they are about to foreclose. They also call deed grabbers "deed pickers" and "bottom feeders." The big tax companies, needless to say, are sore losers who don't care much about the tax delinquent owner and mostly care about their bottom line.Since there is still a year or so after the property has been "sold" at auction before the big tax investing company can foreclose (sold in quotes, because it isn't really sold that day), this is the best time to approach the tax delinquent owners. At this point they much sell,...more
What happens to the surplus due when property is lost to tax sale? The answer: it depends on where you are. In about half of the states, that surplus is lost permanently to the government. In the rest of the states, the surplus is held for the owner...more
An Efficient Understanding of the IRS Tax Advice Simply known as the IRS, the Internal Revenue Service is the bureau of Treasury Department, responsible for collecting the taxes, and the interpretation and administration of the Internal...more
When is the Perfect Time for Your Tax & Wealth Planning? This week, I'm on to the next habit:Habit #3: Don't put off until tomorrow what you can do todayWe've all heard this adage before. And let's face it, when it comes to taxes, most...more
Delinquent Tax Sale: How is it Affects You You are paying taxes in the government for your personal properties annually. You know the consequences of not paying taxes. If your car is parking on a non-parking area, a huge truck will pull it...more
Bookkeeping Solutions - Why you need to keep Tax Invoices! Small Business Australia certainly has more compliance issues since the introduction of GST! A lot of Micro business owners find it quite challenging keeping track of all their Tax...more
Tax Relief: Find Out If A Tax Relief Program Is Right For You! If you are about to file for taxes and you realize that you will owe more money than what you have, it is still important to file your taxes since you can't go to jail for not...more