A growing number of Americans are working at home these days. In our increasingly digitized society, it is far easier to conduct business without the need for a central meeting place. For this reason, those who are employees use home offices as well as start-up entrepreneurs. In the past, it was widely believed that claiming […]
Author Archive | Deirdre Morhet
U.S. and Canada IGA: How FATCA Will Impact Canadian Account Holders
The United States and Canada recently signed an Inter-Government Agreement (IGA) obliging Canadian banks to send information to the U.S. on bank accounts held by American citizens. The banks in Canada will send their information to the Canada Revenue Agency, who will then forward the data to the U.S. IRS. This IGA is meant to […]
Foreign Bank Account Reporting: When is an FBAR Filing Required?
Americans with bank accounts in foreign countries are often required to file a Report of Foreign Bank and Financial Accounts (FBAR) with the IRS. In recent years, the U.S. government has been cracking down on violators of this requirement, with an increasing number of foreign countries agreeing to share information with U.S. authorities. In 2013 […]
How Owning a Home Can Lower Your Tax Burden
All things being equal, owning a house is generally preferable to renting. If your monthly mortgage payment is about the same as the rent payment for a similar property, then you are building up equity with each mortgage payment you make. In addition, if the housing market in your area appreciates over time (which it […]
Should I Pay My Self-Employed Taxes Quarterly or Annually?
Most U.S. taxpayers only need to worry about filing a return once a year. However, if you are self-employed or have a regular job with a small business on the side, you may be required to pay your self-employment taxes quarterly. Who needs to file a quarterly tax return: Generally, employers that withhold income, Social […]
Mortgage Debt Forgiveness Act Expiration: Tax Implications for Homeowners
In 2007, Congress enacted the Mortgage Debt Forgiveness Act to help homeowners affected by the housing crisis. This law remained in effect until the end of 2013. Though some in Congress have tried to extend the law, the prospects of this happening with a divided government during an election year remain unclear. If you are […]
What is Tax Deductible When I Own a Home?
Home ownership is a big step that comes with many changes and new responsibilities. While there is nothing better than having a home, some adjustments need to be made in order to manage your new home properly. Perhaps the biggest change is you are now paying a monthly payment to a mortgage company rather than […]
Important Tax Deductions for the Self-Employed
November is National Entrepreneur’s Month, and a good time to look at some of the tax implications of being self-employed. There are actually quite a few ways that an entrepreneur can legally reduce their tax burden and this applies both to those that own and operate a full time business and those that do it […]
